https://www.taxtmi.com/caselaws?id=18240 The High Court ruled in favor of the assessee, determining that the surplus amount resulting from the repatriation of funds from the UK to India due to rupee devaluation was a capital receipt and not subject to tax. The Court emphasized that the profit arose from investment activities and not trading, making it exempt from taxation. The decision was based on established principles distinguishing between capital and revenue receipts, ultimately holding that the surplus was not taxable income. en-us Wed, 30 Mar 1994 00:00:00 +0530 Tue, 29 Sep 2009 16:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18240 The High Court ruled in favor of the assessee, determining that the surplus amount resulting from the repatriation of funds from the UK to India due to rupee devaluation was a capital receipt and not subject to tax. The Court emphasized that the profit arose from investment activities and not trading, making it exempt from taxation. The decision was based on established principles distinguishing between capital and revenue receipts, ultimately holding that the surplus was not taxable income. Case-Laws Income Tax Wed, 30 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18240