https://www.taxtmi.com/caselaws?id=289474 Whether a receipt from sale of foreign currency formed taxable business income or an exempt casual/capital receipt under section 4(3)(vii) was addressed by examining whether the foreign-exchange dealings were incidental to the assessee's regular trading. The record showing general importing in diverse goods, unified books and bank accounts, and that the dollar transactions arose in the course of import trade supported treating the profit as business income. The operative effect is that incidental foreign-exchange gains linked to ordinary trading are taxable as business income rather than exempt casual or capital receipts. en-us Wed, 09 Dec 1959 00:00:00 +0530 Sat, 01 Aug 2020 13:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289474 Whether a receipt from sale of foreign currency formed taxable business income or an exempt casual/capital receipt under section 4(3)(vii) was addressed by examining whether the foreign-exchange dealings were incidental to the assessee's regular trading. The record showing general importing in diverse goods, unified books and bank accounts, and that the dollar transactions arose in the course of import trade supported treating the profit as business income. The operative effect is that incidental foreign-exchange gains linked to ordinary trading are taxable as business income rather than exempt casual or capital receipts. Case-Laws Income Tax Wed, 09 Dec 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289474