https://www.taxtmi.com/caselaws?id=12578 The Tribunal upheld the exclusion of profits from the sale of capital assets located outside India from world income. It was determined that since the assets were not connected to business activities in India and the transactions occurred outside India, the income could not be deemed to accrue in India. Additionally, the profit arising from the change in exchange rate of Australian dollars was classified as a capital gain, not income accruing in India, based on precedents and the lack of connection to Indian business activities. Consequently, these amounts were not included in the assessee's world income for tax purposes in India. en-us Mon, 29 Apr 2002 00:00:00 +0530 Wed, 15 Jun 2016 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12578 The Tribunal upheld the exclusion of profits from the sale of capital assets located outside India from world income. It was determined that since the assets were not connected to business activities in India and the transactions occurred outside India, the income could not be deemed to accrue in India. Additionally, the profit arising from the change in exchange rate of Australian dollars was classified as a capital gain, not income accruing in India, based on precedents and the lack of connection to Indian business activities. Consequently, these amounts were not included in the assessee's world income for tax purposes in India. Case-Laws Income Tax Mon, 29 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12578