https://www.taxtmi.com/caselaws?id=58699 The Tribunal upheld the CIT (A)'s decision in a case involving a non-resident shipping company's computation of profits based on r. 115 of the IT Rules, 1962. The Tribunal ruled that the original r. 115, requiring conversion at Rs. 7.50 per dollar, applied instead of the amended rule. Despite the Revenue's argument on prevailing exchange rates, the Tribunal affirmed the use of Rs. 7.50 per dollar for conversion, citing consistency with a prior decision. Consequently, the Tribunal dismissed the Revenue's appeal, supporting the application of the flat rate for conversion in accordance with the relevant assessment year's rules. 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=58699 The Tribunal upheld the CIT (A)'s decision in a case involving a non-resident shipping company's computation of profits based on r. 115 of the IT Rules, 1962. The Tribunal ruled that the original r. 115, requiring conversion at Rs. 7.50 per dollar, applied instead of the amended rule. Despite the Revenue's argument on prevailing exchange rates, the Tribunal affirmed the use of Rs. 7.50 per dollar for conversion, citing consistency with a prior decision. Consequently, the Tribunal dismissed the Revenue's appeal, supporting the application of the flat rate for conversion in accordance with the relevant assessment year's rules. Case-Laws Income Tax Fri, 24 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58699