https://www.taxtmi.com/caselaws?id=58698 The Tribunal upheld the CIT (A)'s decision to convert freight earnings at Rs. 7.50 per dollar for a non-resident shipping company's profits, despite a higher prevailing exchange rate. The Tribunal found the original rule in force during the assessment year applied, following a previous case precedent. Consequently, the Tribunal dismissed the revenue's appeal and affirmed the CIT (A)'s order, emphasizing consistency with the original rule and past judgments on similar issues. en-us Fri, 24 Jul 1981 00:00:00 +0530 Tue, 21 Dec 2010 16:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58698 The Tribunal upheld the CIT (A)'s decision to convert freight earnings at Rs. 7.50 per dollar for a non-resident shipping company's profits, despite a higher prevailing exchange rate. The Tribunal found the original rule in force during the assessment year applied, following a previous case precedent. Consequently, the Tribunal dismissed the revenue's appeal and affirmed the CIT (A)'s order, emphasizing consistency with the original rule and past judgments on similar issues. Case-Laws Income Tax Fri, 24 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58698