Tribunal held that the CIT(A) is justified in holding that the correct procedure for calculating receipts in case of income from business and profession in case of currency conversion is Explanation 2(c) to rule 115(1) without taking into account proviso to rule 115(1) and remitted matter to Assessing Officer for verification of applicable TT Buying Rate under rule 115(1). (AY. 2014-15)
DCIT v. Global Santafe Drilling Company (2021) 189 ITD 416 / (2022) 216 TTJ 519 (Mum.)(Trib.)
S. 43A : Rate of exchange-Foreign currency-Business of charter and hire of oil drilling rig and other allied services-Procedure- calculating receipts currency conversion is Explanation 2(c) to rule 115(1) without taking into account proviso to rule 115(1). [Rule. 115]