Section 2 in The Income Tax Act, 1961
2. Definitions.
In this Act, unless the
Foreign Exchange Regulation Act, 1973 ( 46 of 1973 ); (ii) the conversion of Indian currency into foreign currency and the reconversion of foreign currency into Indian
Constitution of India
India
Constitution of India
CONTITUENTASSEMBLY 00 of 1950
Published in Gazette 00
ascertained in such manner as the Board may direct, for the conversion of Indian currency into foreign currency or foreign currency into Indian currency
August, 1969. According to the provisions of these sections, transfer, conversion, alteration in area, or change in the use, of a land without obtaining permission ... sections 4B and 4D are intended to ensure that a transfer, conversion, alteration in area, or change in the use, of a land, if made
learned Single Judge had not specified the rate of exchange
for conversion of the decretal amount expressed in U.S.
dollars to Indian rupees ... Court in Forasol v. ONGC4 they have directed that
the date of conversion of decretal amount which is in U.S.
dollars to Indian rupees
assessee suffered a loss of
Rs. 11 lakhs, in the process of conversion on account of
appreciation of the Indian rupee qua Pakistani rupee.
Likewise ... correct to say
that where a loss arises in the process of conversion of
foreign currency which is part of trading asset of the
assessee
rate of exchange determined or recognised by the Central Government for the conversion of Indian currency into foreign currency or foreign currency into Indian currency
been sought to be
challenged. In the appeal preferred by the claimants, conversion rate of
Dollar in terms of Rupees has been asked ... Dollars. Applying multiplier of 10, the amount with
interest and the conversion rate of Rs. 47 comes to Rs. 10.38 crores and
with multiplier
considered necessary that Government should have the power to direct the conversion of such a loan into shares of that company on fair and equitable ... terms. Where the loan agreement provides for such conversion, it is proposed to dispense with the procedure prescribed under section 81 of the Companies