https://www.taxtmi.com/caselaws?id=16416 An arbitral award granting an exchange-rate difference on funds retained and later deposited towards surtax liability was found vulnerable because its reasoning was internally inconsistent. The award treated the money as already credited in rupees and held for the respondent's tax liability, which meant the respondent owned it from the date of credit and the petitioner held it as depositee; yet it used the later deposit date for currency conversion and awarded the foreign-exchange difference. That inconsistency was held to amount to an error of law apparent on the face of the award. Claim No. 9, and the consequential interest on that claim, were set aside, while the remaining award was sustained. en-us Fri, 04 Sep 1998 00:00:00 +0530 Mon, 07 Sep 2009 16:02:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16416 An arbitral award granting an exchange-rate difference on funds retained and later deposited towards surtax liability was found vulnerable because its reasoning was internally inconsistent. The award treated the money as already credited in rupees and held for the respondent's tax liability, which meant the respondent owned it from the date of credit and the petitioner held it as depositee; yet it used the later deposit date for currency conversion and awarded the foreign-exchange difference. That inconsistency was held to amount to an error of law apparent on the face of the award. Claim No. 9, and the consequential interest on that claim, were set aside, while the remaining award was sustained. Case-Laws Income Tax Fri, 04 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16416