https://www.taxtmi.com/caselaws?id=181964 Appreciation in the rupee value of dollar balances held in the course of business was treated as part of the same business receipt structure and not as a separate casual, non-recurring receipt. The exemption under section 4(3)(vii) of the Indian Income-tax Act, 1922 applied only where the receipt was both casual and non-recurring and also did not arise from business; here, the foreign currency balances had their source in business receipts, so the later exchange gain retained that business character. The appreciation was therefore chargeable to tax and not exempt under section 4(3)(vii). en-us Fri, 29 Jun 1962 00:00:00 +0530 Thu, 28 Apr 2016 17:06:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181964 Appreciation in the rupee value of dollar balances held in the course of business was treated as part of the same business receipt structure and not as a separate casual, non-recurring receipt. The exemption under section 4(3)(vii) of the Indian Income-tax Act, 1922 applied only where the receipt was both casual and non-recurring and also did not arise from business; here, the foreign currency balances had their source in business receipts, so the later exchange gain retained that business character. The appreciation was therefore chargeable to tax and not exempt under section 4(3)(vii). Case-Laws Income Tax Fri, 29 Jun 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181964