https://www.taxtmi.com/caselaws?id=276958 Where stock-in-trade was purchased in Japanese currency and resold for Malayan currency, profit had to be computed on a common currency basis by translating the purchase price into the sale currency through a reliable conversion table. The valuation adopted under a special occupation-period relief scheme was only an ad hoc figure for that limited purpose and could not displace the true cost of stock-in-trade for income-tax assessment. On that basis, the reassessment of the stock at 20,036 Malayan dollars and the resulting profit on resale were upheld, and the assessee's challenge failed. en-us Wed, 06 Aug 1958 00:00:00 +0530 Wed, 21 Nov 2018 10:29:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276958 Where stock-in-trade was purchased in Japanese currency and resold for Malayan currency, profit had to be computed on a common currency basis by translating the purchase price into the sale currency through a reliable conversion table. The valuation adopted under a special occupation-period relief scheme was only an ad hoc figure for that limited purpose and could not displace the true cost of stock-in-trade for income-tax assessment. On that basis, the reassessment of the stock at 20,036 Malayan dollars and the resulting profit on resale were upheld, and the assessee's challenge failed. Case-Laws Income Tax Wed, 06 Aug 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276958