https://www.taxtmi.com/caselaws?id=9007 Devaluation gain arising from appreciation of foreign exchange held as stock-in-trade in the ordinary banking business is a revenue receipt and taxable as business income; outcome: the devaluation profit is chargeable to income-tax. Conversely, a loss on revaluation of closing stock of government securities held as readily realizable funds in the course of banking business is allowable where the taxpayer values closing stock by a recognised commercial method regularly applied; outcome: the revaluation loss is deductible in computing taxable income. The decision is therefore partly for the Revenue and partly for the assessee. en-us Thu, 25 Jan 1973 00:00:00 +0530 Thu, 18 Jun 2009 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9007 Devaluation gain arising from appreciation of foreign exchange held as stock-in-trade in the ordinary banking business is a revenue receipt and taxable as business income; outcome: the devaluation profit is chargeable to income-tax. Conversely, a loss on revaluation of closing stock of government securities held as readily realizable funds in the course of banking business is allowable where the taxpayer values closing stock by a recognised commercial method regularly applied; outcome: the revaluation loss is deductible in computing taxable income. The decision is therefore partly for the Revenue and partly for the assessee. Case-Laws Income Tax Thu, 25 Jan 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9007