https://www.taxtmi.com/caselaws?id=36085 The court upheld the assessment of an individual's foreign income accrued in Ceylon for the assessment year 1970-71, converting it into Indian currency based on IT rules without considering remittance restrictions. It ruled that income accruing outside India should be included in the assessment year of accrual, emphasizing that taxation should be based on accrual or arising outside India, irrespective of remittances or foreign exchange certificate schemes. The judgment rejected the argument that discounts under the certificate scheme should impact real income calculation, affirming that the entire accrued income from Ceylon should be subject to the conversion rate under IT rules. en-us Wed, 10 Dec 1980 00:00:00 +0530 Fri, 19 Mar 2010 12:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36085 The court upheld the assessment of an individual's foreign income accrued in Ceylon for the assessment year 1970-71, converting it into Indian currency based on IT rules without considering remittance restrictions. It ruled that income accruing outside India should be included in the assessment year of accrual, emphasizing that taxation should be based on accrual or arising outside India, irrespective of remittances or foreign exchange certificate schemes. The judgment rejected the argument that discounts under the certificate scheme should impact real income calculation, affirming that the entire accrued income from Ceylon should be subject to the conversion rate under IT rules. Case-Laws Income Tax Wed, 10 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36085