together with an explanatory memorandum regarding revised rates of exchange for conversion of certain foreign currencies into Indian currency or vice-versa of the purpose ... together with an explanatory memorandum regarding revised rates of exchange for conversion of certain foreign currencies into Indian currency or vice-versa of the purpose
principal controversy to be addressed, at this stage, concerns the
rate for conversion of foreign exchange (US Dollars) to Indian Rupees.
5. The said controversy ... date of the award would be reckoned as the date of the conversion from US
Dollars to Indian Rupees. The relevant extract of the said
foreign currency
shall be computed at the Reference Exchange Rate for conversion into
the relevant foreign currency as on the date of Termination Payment
that was adopted on the date of conversion i.e. on
7.4.1998 as the notional rate of exchange and to make
it transferable outside India ... that was adopted on
the date of conversion i.e. 07th April, 1998.
3.2 Even as there was an emphatic preliminary
contention by learned advocate
assessee
received in India was in terms of Malaysian
Dollars which on conversion in India received
the extra income. Therefore, this extra income
::: Uploaded ... arose in India and not in Malaysia as the
conversion took place in India. This amount,
therefore, cannot be excluded from the
computation
remittance was received by OP no.1 from OP no.2 after conversion, the same was credited in the account of the complainant ... cogent evidence that rate of Canadian dollar at the time of conversion was Rs.53.546 on 21.03.2014 and not 54.45. The complainant has proved
balance is to be taken in the balance sheet
at the applicable conversion rate, the loss or gain between the amount so computed ... represents is the difference in conversion rate, of US
Dollars into Indian rupees, at the point of time when the EEFC account was originally
credited
metric ton was fixed for the
State of Andhra Pradesh. On conversion in Indian Rupee, the price
payable was Rs. 5136.50/- per metric ... metric ton.
37. The appellant did not lead evidence to show the conversion
rates prevailing on the date when the sales were affected
foreign exchange and the
difference i.e. loss or gain, arising on conversion of said liability at closing date
was recognized in the Profit
which payment of the running royalty is to be made,
then conversion shall be made in accordance with the
final quotation of the telegraphic transfer
