https://www.taxtmi.com/caselaws?id=8742 The High Court of Kerala ruled that the profit earned by an assessee firm due to devaluation, specifically from the appreciation in the exchange value of goods sold, constituted business income and was taxable. The court held that such profits directly related to the sale proceeds and were therefore considered trading profits. Drawing a distinction from cases involving capital accretions, the court upheld the Tribunal's decision, affirming the taxability of the profit as business income. The judgment favored the respondents, awarding costs to them and directed the forwarding of a copy to the Appellate Tribunal, Cochin Bench. en-us Wed, 12 Jul 1972 00:00:00 +0530 Wed, 03 Jun 2009 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8742 The High Court of Kerala ruled that the profit earned by an assessee firm due to devaluation, specifically from the appreciation in the exchange value of goods sold, constituted business income and was taxable. The court held that such profits directly related to the sale proceeds and were therefore considered trading profits. Drawing a distinction from cases involving capital accretions, the court upheld the Tribunal's decision, affirming the taxability of the profit as business income. The judgment favored the respondents, awarding costs to them and directed the forwarding of a copy to the Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Wed, 12 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8742