https://www.taxtmi.com/caselaws?id=58853 The case involved the conversion of income earned by a non-resident company in dollars into rupees at different exchange rates based on timing. The dispute arose when the Income Tax Officer converted the entire income at the post-devaluation rate. The Commissioner (Appeals) ruled in favor of the company, considering income accrual before the devaluation date. The Tribunal decided that the entire income should be converted at the prevailing rate on the last day of the accounting period, rejecting the partial conversion proposed by the company and upholding the department's appeal. en-us Sat, 19 Jan 1985 00:00:00 +0530 Wed, 22 Dec 2010 15:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58853 The case involved the conversion of income earned by a non-resident company in dollars into rupees at different exchange rates based on timing. The dispute arose when the Income Tax Officer converted the entire income at the post-devaluation rate. The Commissioner (Appeals) ruled in favor of the company, considering income accrual before the devaluation date. The Tribunal decided that the entire income should be converted at the prevailing rate on the last day of the accounting period, rejecting the partial conversion proposed by the company and upholding the department's appeal. Case-Laws Income Tax Sat, 19 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58853