https://www.taxtmi.com/caselaws?id=16348 The High Court ruled in favor of the Revenue for the first four issues, following a Supreme Court precedent. However, regarding the treatment of the amount in the foreign exchange reserve account, the High Court sided with the assessee. It held that the amount was not taxable income as it did not belong to the assessee until adjusted against future bills, and the conversion into Indian rupees was for accounting purposes only. The Court upheld the Tribunal's decision in favor of the assessee, concluding that the amount was not taxable income. en-us Wed, 25 Nov 1998 00:00:00 +0530 Mon, 07 Sep 2009 11:43:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16348 The High Court ruled in favor of the Revenue for the first four issues, following a Supreme Court precedent. However, regarding the treatment of the amount in the foreign exchange reserve account, the High Court sided with the assessee. It held that the amount was not taxable income as it did not belong to the assessee until adjusted against future bills, and the conversion into Indian rupees was for accounting purposes only. The Court upheld the Tribunal's decision in favor of the assessee, concluding that the amount was not taxable income. Case-Laws Income Tax Wed, 25 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16348