https://www.taxtmi.com/caselaws?id=37494 The High Court of Madras ruled in favor of the revenue, affirming that the official rate of exchange as per Rule 115 of the Income-tax Rules, 1962, should be used for converting foreign income into Indian rupees for taxation. The court emphasized that the rule applied to all foreign income, not limited to specific currencies, ensuring consistency in tax assessments. The judgment clarified the application of Rule 115, highlighting the importance of adhering to rules in force at the time of income assessment and upheld the authority of the rule-making body in determining exchange rates for tax calculations. en-us Tue, 13 Feb 1979 00:00:00 +0530 Tue, 30 Mar 2010 11:42:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37494 The High Court of Madras ruled in favor of the revenue, affirming that the official rate of exchange as per Rule 115 of the Income-tax Rules, 1962, should be used for converting foreign income into Indian rupees for taxation. The court emphasized that the rule applied to all foreign income, not limited to specific currencies, ensuring consistency in tax assessments. The judgment clarified the application of Rule 115, highlighting the importance of adhering to rules in force at the time of income assessment and upheld the authority of the rule-making body in determining exchange rates for tax calculations. Case-Laws Income Tax Tue, 13 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37494