Supreme Court · 1996 INSC 50 · Decided 11 January 1996
Commissioner of Income Tax, Karnataka (Central), Bangalore and ORS. v. Chowgule and CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1996 INSC 50 · [1996] 1 S.C.R. 367
- Case number
- CIVIL APPEAL No. 1650/1996
- Decided
- 11 January 1996
- Bench
- A.S. ANAND, S.C. SEN (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 263
Headnote
Income Tax Act, 1961/lncome fax Rules, 1962 : .. S.143,263/Rule 115-lncome arising out of export of goods-Foreign currenq-Conversion of into rupees-Assessment of to tax-Held, Rule JI 5 C fixes rate of exchange for conversion into rupees of income in foreign currency at the end o.f accounting ex­ change to be converted for purpose of computing total income for any account- ing period and not to income already converted into rupees during the account- ing period-Rule is not ultra vires the Act. D The respondent-company exported iron ore to foreign buyers. The price was paid by the
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