https://www.taxtmi.com/caselaws?id=16487 The High Court ruled against the non-resident company, upholding the rejection of the application of rule 115 of the Income-tax Rules, 1962. The court emphasized that the income from the share sale was in Indian currency, making rule 115 inapplicable despite the conversion into U.S. dollars. The decision aligned with precedents indicating that rule 115 does not apply when transactions are conducted in Indian rupees. The court's judgment favored the Revenue, overturning the Income-tax Appellate Tribunal's acceptance of the company's claim and settling the dispute on capital gains taxation. en-us Tue, 15 Sep 1998 00:00:00 +0530 Tue, 08 Sep 2009 11:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16487 The High Court ruled against the non-resident company, upholding the rejection of the application of rule 115 of the Income-tax Rules, 1962. The court emphasized that the income from the share sale was in Indian currency, making rule 115 inapplicable despite the conversion into U.S. dollars. The decision aligned with precedents indicating that rule 115 does not apply when transactions are conducted in Indian rupees. The court's judgment favored the Revenue, overturning the Income-tax Appellate Tribunal's acceptance of the company's claim and settling the dispute on capital gains taxation. Case-Laws Income Tax Tue, 15 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16487