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ACIT, Circle, Haldia Versus Mr. Prabal Kanti Pramanik And Vica-Versa

2015 (12) TMI 285 - ITAT KOLKATA

Income recognition - CIT(A) considering foreign income at average exchange rate of conversion during the year when credit for tax deducted at source is given based on the actual exchange rate prevailing on the date of transaction - Held that:- CIT(A) had given directions to adopt the exchange rate prevailing on the date of payment of taxes for the purpose of granting foreign tax credit and whereas for the purpose of assessing the foreign income, he had adopted a different view of adopting the av .....

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ncome. We also direct that in case the assessee is able to produce any other fresh evidence to determine the foreign income based on exchange rate prevailing on the date of income, the same need to be considered by the Learned AO while framing the set aside assessment. - Decided in favour of revenue for statistical purposes.

Determination of presumptive profit u/s 44AD - Held that:- The action of the lower authorities in adopting the presumptive rate of taxation u/s 44AD in the facts .....

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ding upon the nature of income and assess the foreign income in accordance with the provisions of section 90 of the Act. Cross objection of the assessee is allowed for statistical purposes. - ITA No. 207/Kol/2013, CO No. 32/Kol/2013 - Dated:- 21-9-2015 - Mahavir Singh, JM And M. Balaganesh, AM For the Appellant : Md Ghayasuddin, JCIT For the Respondent : Shri T P Kar, FCA ORDER Per M Balaganesh 1. This appeal of the revenue arises out of the order of the Learned CITA in Appeal No. 73/CIT(A)-XX .....

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e decided in this appeal is as to whether the Learned CITA is justified in considering foreign income at average exchange rate of conversion during the year when credit for tax deducted at source is given based on the actual exchange rate prevailing on the date of transaction. 3.1. The brief facts of this appeal is that the assessee was in receipt of 127613 Oman Rial outside India and chose to bring the same into India during the assessment year under appeal. The Learned AO adopted the exchange .....

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directed the Learned AO to adopt the exchange rate prevailing on the date of payment of tax in Oman and give credit accordingly to the assessee. Aggrieved by this inconsistency of the Learned CITA for difference in treatment of foreign income and foreign tax credit wherein exchange rate on different dates were directed to be adopted by the Learned CITA, the revenue is in appeal before us. 3.2. Shri. Md. Ghayasuddin, JCIT, the Learned DR argued on behalf of the revenue and Shri.T.P.Kar, FCA, the .....

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of adopting the average exchange rate of conversion during the year. We hold that the provisions of Rule 26 and Rule 115 of Income Tax Rules provide computation mechanism for conversion of foreign currency into Indian currency in respect of each source of income. Hence we deem it fit and appropriate in the interest of justice and fair play to set aside this issue to the file of the Learned AO to determine the foreign income in accordance with Rule 26 and Rule 115 of Income Tax Rules depending up .....

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Appeal No. 73/CIT(A)-XXXIII/Kol./AC-Circle/Hal./10-11 dated 11.11.2012 against the order of the Learned AO framed u/s 143(3) of the Act. 5. The first issue to be decided in this cross objection is that as to whether the Learned CIT(A) is justified in confirming the order of the Learned AO for determination of presumptive profit u/s 44AD in spite of the fact that the turnover of the assessee exceeds ₹ 40 lacs. 5.1. We find that the provisions of section 44AD of the Act could not be made ap .....

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