ITAT upholds profit earned in foreign currency determined by Assessee under Rule 115

Anurag Chandra Vs National Faceless Appeal Centre (ITAT Mumbai) Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai delivered a verdict in favor of Anurag Chandra against the National Faceless Appeal Centre, validating the method of declaring actual profit in Indian currency after determining the foreign profit by calculating all transactions in foreign currency. This decision underscores the importance of accurate and standardized accounting practices for income earned abroad and its conversion into Indian Rupees (INR). Case Background: Anurag Chandra, the a...