https://www.taxtmi.com/caselaws?id=59923 The ITAT CALCUTTA-A upheld the CIT(A)'s decision in a tax assessment case involving the conversion of foreign currency income into rupees. The dispute centered on the application of Rule 115 of the Income-tax Rules, 1962, with the revenue challenging the use of the Liberalised Exchange Rate Control Rate Management System (LERMS) by the assessee, a Hong Kong-based airline. The ITAT ruled in favor of the assessee, determining that the conversion should be based on the telegraphic transfer buying rate in line with the LERMS in force at the relevant time, rejecting the revenue's appeal and emphasizing adherence to the specified exchange rate for accurate tax assessments. en-us Fri, 01 Mar 2002 00:00:00 +0530 Sat, 01 Jan 2011 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59923 The ITAT CALCUTTA-A upheld the CIT(A)'s decision in a tax assessment case involving the conversion of foreign currency income into rupees. The dispute centered on the application of Rule 115 of the Income-tax Rules, 1962, with the revenue challenging the use of the Liberalised Exchange Rate Control Rate Management System (LERMS) by the assessee, a Hong Kong-based airline. The ITAT ruled in favor of the assessee, determining that the conversion should be based on the telegraphic transfer buying rate in line with the LERMS in force at the relevant time, rejecting the revenue's appeal and emphasizing adherence to the specified exchange rate for accurate tax assessments. Case-Laws Income Tax Fri, 01 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59923