https://www.taxtmi.com/caselaws?id=24721 The court determined that surplus amounts resulting from the devaluation of the rupee were not taxable as capital gains. The Tribunal's classification of these amounts as short-term capital gains was deemed incorrect, as they were not considered revenue receipts but rather an accretion to the capital raised for business expansion. The court held that the conversion of foreign currency into Indian rupees did not constitute a transfer under the Income-tax Act. The question of revenue receipts referred by the Tribunal without an application from the Revenue was found to be void. Ultimately, the decision favored the assessee, with costs awarded in their favor. en-us Fri, 11 Mar 1988 00:00:00 +0530 Fri, 22 Jan 2010 10:00:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24721 The court determined that surplus amounts resulting from the devaluation of the rupee were not taxable as capital gains. The Tribunal's classification of these amounts as short-term capital gains was deemed incorrect, as they were not considered revenue receipts but rather an accretion to the capital raised for business expansion. The court held that the conversion of foreign currency into Indian rupees did not constitute a transfer under the Income-tax Act. The question of revenue receipts referred by the Tribunal without an application from the Revenue was found to be void. Ultimately, the decision favored the assessee, with costs awarded in their favor. Case-Laws Income Tax Fri, 11 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24721