Supreme Court of India
Commissioner of Income Tax, Karnataka (central), Bangalore and Ors. v. Chowgule and Co. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the order under Section 263 passed by the Commissioner of Income Tax was rightly quashed by the High Court.
Judgment, page 8
From the 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 fixes rate of exchange for conversion into rupees of income in foreign currency at the end o.f accounting period--Rule applies to any income in .foreign 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. The respondent-company exported iron ore to foreign
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