https://www.taxtmi.com/caselaws?id=207917 The court held that the surplus amount received by the assessee was not taxable in the assessment year 1977-78 as the actual conversion of foreign currency and profit realization occurred in a subsequent year. The Tribunal's decision that the principal amount was on capital account and not subject to tax on exchange rate fluctuations was upheld. The case was remanded to the Tribunal to determine if any profit was earned upon remittance to India and to establish the correct assessment year for taxation, with directions to involve the Assessing Officer if needed. en-us Fri, 06 May 2011 00:00:00 +0530 Thu, 29 Dec 2011 18:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207917 The court held that the surplus amount received by the assessee was not taxable in the assessment year 1977-78 as the actual conversion of foreign currency and profit realization occurred in a subsequent year. The Tribunal's decision that the principal amount was on capital account and not subject to tax on exchange rate fluctuations was upheld. The case was remanded to the Tribunal to determine if any profit was earned upon remittance to India and to establish the correct assessment year for taxation, with directions to involve the Assessing Officer if needed. Case-Laws Income Tax Fri, 06 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207917