https://www.taxtmi.com/caselaws?id=259679 The court dismissed the appeal, ruling that the assessee's claim of capital loss was not valid. The amounts receivable from the Iraqi Government were considered revenue receipts related to the business operations. Additionally, the foreign exchange fluctuation gain was classified as a revenue receipt. The assignment of debt to the Central Government and receipt of compensation bonds were not viewed as a transfer of capital assets. The court upheld the decision of the ITAT and favored the Revenue in this case. en-us Fri, 15 May 2015 00:00:00 +0530 Sat, 07 Nov 2015 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259679 The court dismissed the appeal, ruling that the assessee's claim of capital loss was not valid. The amounts receivable from the Iraqi Government were considered revenue receipts related to the business operations. Additionally, the foreign exchange fluctuation gain was classified as a revenue receipt. The assignment of debt to the Central Government and receipt of compensation bonds were not viewed as a transfer of capital assets. The court upheld the decision of the ITAT and favored the Revenue in this case. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259679