1981 (7) TMI 99

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.... who allowed the appeal against the order dated nil of the ITO, Companies Circle-II(1), Bombay, passed in the asst. yr. 1976-77. 2. The relevant facts, in brief, are that the assessee is a non-resident shipping company, having operations in India. The assessee had earned total freight on export cargo in respect of 12 voyages amounting to $ 2,98,494, during the previous year ended on 31st Aug., ....

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....ferred to above, stating therein that r. 115 of the Rules is applicable to the case of the assessee, and as such, the value of the dollar is to be taken from the freight earnings at Rs. 7.50 per dollar.  The CIT (A) accepted the contention of the assessee, and took the value of dollar at Rs. 7.50 in view of the provisions of r. 115 of the Rules. 4. The revenue, being aggrieved and dissatis....

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....e CIT (A) is to be confirmed. He relies on the order of the CIT (A). 5. We have heard the rival contentions and gone through the record before us.  We are of the opinion that the appeal of the Revenue, on the issue, is to fail. The reasons are that the previous year; relevant for the assessment year under consideration, ended on 31st March, 1976, and r. 115 of the Rules has been amended w.....

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.... the value of the dollar is to be taken at the flat rate of Rs. 7.50 per dollar for the conversion of the freight earnings. The Deptl. Rep. has admitted the factual position that the Tribunal has taken the value at Rs. 7.50 per dollar in the aforesaid case, and there is no distinguishing feature of the case of the assessee with that of the Tribunal, rather, the appeal is there on the issue to keep....