2000 (11) TMI 90 - HC - Wealth-tax

Summary

The High Court of Madras upheld the Tribunal's decision to remit the matter to the Assessing Officer to determine the real exchange rate for converting Ceylon rupees to Indian rupees for wealth-tax assessment. The court referred to a previous case to emphasize that the official exchange rate may not always reflect the realistic value, allowing the assessee to provide evidence for a different rate. If no evidence is presented, the official rate will be used. The court ruled in favor of the assessee against the Revenue.