https://www.taxtmi.com/caselaws?id=29605 The Tribunal upheld the Additional Commissioner's invocation of Section 263(1) of the Income-tax Act, 1961, finding the Income-tax Officer's orders erroneous and prejudicial to revenue due to incorrect depreciation calculation. It ruled that depreciation and written down value for fixed assets of a sterling company must be determined in Indian rupees, not sterling, as assets used in India should be assessed in rupees. The Tribunal affirmed the necessity of assessing income and allowances in Indian currency, supporting the Commissioner's actions and rejecting the company's sterling-based accounting method. en-us Tue, 09 Jun 1981 00:00:00 +0530 Mon, 15 Mar 2010 10:52:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29605 The Tribunal upheld the Additional Commissioner's invocation of Section 263(1) of the Income-tax Act, 1961, finding the Income-tax Officer's orders erroneous and prejudicial to revenue due to incorrect depreciation calculation. It ruled that depreciation and written down value for fixed assets of a sterling company must be determined in Indian rupees, not sterling, as assets used in India should be assessed in rupees. The Tribunal affirmed the necessity of assessing income and allowances in Indian currency, supporting the Commissioner's actions and rejecting the company's sterling-based accounting method. Case-Laws Income Tax Tue, 09 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29605