https://www.taxtmi.com/caselaws?id=49339 Where property is purchased in one currency and sold in another, the taxing authority may use a reliable conversion standard to determine the real profit or loss. The Schedule to the Debtor and Creditor (Occupation Period) Ordinance, 1948, though enacted for scaling down debtor-creditor liabilities, was treated as the only dependable material for fixing a reasonable conversion rate in the relevant assessment year. Earlier use of a different valuation method did not bind the department from applying the correct basis later. The claimed loss was therefore disallowed in law on the department's conversion method. en-us Mon, 26 Oct 1964 00:00:00 +0530 Thu, 21 Aug 2014 19:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49339 Where property is purchased in one currency and sold in another, the taxing authority may use a reliable conversion standard to determine the real profit or loss. The Schedule to the Debtor and Creditor (Occupation Period) Ordinance, 1948, though enacted for scaling down debtor-creditor liabilities, was treated as the only dependable material for fixing a reasonable conversion rate in the relevant assessment year. Earlier use of a different valuation method did not bind the department from applying the correct basis later. The claimed loss was therefore disallowed in law on the department's conversion method. Case-Laws Income Tax Mon, 26 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49339