https://www.taxtmi.com/caselaws?id=5189 The Supreme Court held that the assessee suffered a loss on the remittance of funds from West Pakistan due to exchange rate changes. The Court determined that the losses were real despite not being reflected in the books of account. It was concluded that the assessee incurred a loss of Rs. 11 lakhs and Rs. 5,50,000. Regarding the nature of the loss, the Court remanded the case to determine if the sums were held as capital or trading assets, and consequently, whether the loss was a trading or capital loss. The High Court's decision was set aside, and the case was remanded to the Tribunal for further proceedings. en-us Wed, 27 Sep 1978 00:00:00 +0530 Thu, 26 Mar 2015 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5189 The Supreme Court held that the assessee suffered a loss on the remittance of funds from West Pakistan due to exchange rate changes. The Court determined that the losses were real despite not being reflected in the books of account. It was concluded that the assessee incurred a loss of Rs. 11 lakhs and Rs. 5,50,000. Regarding the nature of the loss, the Court remanded the case to determine if the sums were held as capital or trading assets, and consequently, whether the loss was a trading or capital loss. The High Court's decision was set aside, and the case was remanded to the Tribunal for further proceedings. Case-Laws Income Tax Wed, 27 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5189