https://www.taxtmi.com/caselaws?id=27443 The court held that the conversion rate for capital gains and dividends received in the U.K. must be based on the dates of actual receipt, using the official exchange rates prevailing at that time. It affirmed the decision of the Tribunal, rejecting the assessee's claim to compute gains and dividends at the exchange rate on the last day of the accounting year. Additionally, the court upheld the validity of Rule 115(b) of the Income Tax Rules, 1962, stating that it was within the rule-making power conferred by the Act and not ultra vires. The court ruled against the assessee, directing each party to bear their own costs. en-us Fri, 19 Apr 1985 00:00:00 +0530 Fri, 12 Feb 2010 18:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27443 The court held that the conversion rate for capital gains and dividends received in the U.K. must be based on the dates of actual receipt, using the official exchange rates prevailing at that time. It affirmed the decision of the Tribunal, rejecting the assessee's claim to compute gains and dividends at the exchange rate on the last day of the accounting year. Additionally, the court upheld the validity of Rule 115(b) of the Income Tax Rules, 1962, stating that it was within the rule-making power conferred by the Act and not ultra vires. The court ruled against the assessee, directing each party to bear their own costs. Case-Laws Income Tax Fri, 19 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27443