https://www.taxtmi.com/caselaws?id=189725 Whether proceeds from a single forward foreign-exchange transaction amounted to trading receipts was tested by examining contract form, absence of delivery, payment of interest to keep contracts alive, profit from price difference, and the company objects permitting dealings in foreign exchange. The assessee failed to produce records of purpose and the court drew adverse inference. Applying tests distinguishing revenue receipts from capital appreciation and treating an intention to turn the commodity over for profit as an adventure in the nature of trade, the sum was held revenue and assessable to income tax. en-us Wed, 07 Mar 1962 00:00:00 +0530 Wed, 18 Jan 2017 17:10:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189725 Whether proceeds from a single forward foreign-exchange transaction amounted to trading receipts was tested by examining contract form, absence of delivery, payment of interest to keep contracts alive, profit from price difference, and the company objects permitting dealings in foreign exchange. The assessee failed to produce records of purpose and the court drew adverse inference. Applying tests distinguishing revenue receipts from capital appreciation and treating an intention to turn the commodity over for profit as an adventure in the nature of trade, the sum was held revenue and assessable to income tax. Case-Laws Income Tax Wed, 07 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189725