https://www.taxtmi.com/caselaws?id=5912 The Supreme Court upheld the High Court's decision regarding the taxability of profit on the devaluation of the Indian rupee, dismissing the appeal and ordering costs to be paid. The court emphasized that the profit was incidental to banking business activities, aligning with established legal principles and precedents. The judgment clarified the tax treatment of profits and losses in the context of banking operations, highlighting the importance of the true nature of transactions and the utilization of funds in business operations. en-us Thu, 31 Oct 1985 00:00:00 +0530 Sat, 29 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5912 The Supreme Court upheld the High Court's decision regarding the taxability of profit on the devaluation of the Indian rupee, dismissing the appeal and ordering costs to be paid. The court emphasized that the profit was incidental to banking business activities, aligning with established legal principles and precedents. The judgment clarified the tax treatment of profits and losses in the context of banking operations, highlighting the importance of the true nature of transactions and the utilization of funds in business operations. Case-Laws Income Tax Thu, 31 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5912