https://www.taxtmi.com/caselaws?id=23751 The High Court of Bombay held that the surplus amount of Rs. 1,13,745, resulting from the devaluation of the rupee, was taxable as a revenue receipt for the assessee engaged in the business of copper bars. The court considered the amount received from insurers as part of the payment for the seized goods, establishing it as a trading receipt. Emphasizing the nature of the asset involved in the loss, the court upheld the decision that the surplus amount was taxable as a revenue receipt, ruling in favor of the Revenue. en-us Fri, 06 Oct 1989 00:00:00 +0530 Fri, 25 Dec 2009 17:21:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23751 The High Court of Bombay held that the surplus amount of Rs. 1,13,745, resulting from the devaluation of the rupee, was taxable as a revenue receipt for the assessee engaged in the business of copper bars. The court considered the amount received from insurers as part of the payment for the seized goods, establishing it as a trading receipt. Emphasizing the nature of the asset involved in the loss, the court upheld the decision that the surplus amount was taxable as a revenue receipt, ruling in favor of the Revenue. Case-Laws Income Tax Fri, 06 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23751