https://www.taxtmi.com/caselaws?id=15934 The court held that the Income-tax Officer should convert Malaysian dollars to U.S. dollars at the prevailing rate and then convert U.S. dollars to Indian rupees as per the rates in the old rule. The Appellate Tribunal's direction to apply the provisions of rule 115 for conversion was deemed justified. Consequently, the court answered the question in favor of the assessee, rejecting the Revenue's appeal. The tax case was disposed of with no order as to costs. The judgment clarified the application of the old rule 115 to the conversion of foreign income for tax assessment purposes, emphasizing the importance of following the prescribed method for accurate tax assessment. en-us Fri, 13 Mar 1998 00:00:00 +0530 Mon, 31 Aug 2009 10:52:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15934 The court held that the Income-tax Officer should convert Malaysian dollars to U.S. dollars at the prevailing rate and then convert U.S. dollars to Indian rupees as per the rates in the old rule. The Appellate Tribunal's direction to apply the provisions of rule 115 for conversion was deemed justified. Consequently, the court answered the question in favor of the assessee, rejecting the Revenue's appeal. The tax case was disposed of with no order as to costs. The judgment clarified the application of the old rule 115 to the conversion of foreign income for tax assessment purposes, emphasizing the importance of following the prescribed method for accurate tax assessment. Case-Laws Income Tax Fri, 13 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15934