https://www.taxtmi.com/caselaws?id=26668 The court determined that capital gains for a non-resident selling shares in an Indian company must be computed in Indian currency, rejecting foreign currency conversion for tax purposes. The court held that gains from asset transfers are taxable under "Capital gains" as per the Income-tax Act, computing the gains at Rs. 12,26,000. Losses from currency exchange post-computation are not deductible in capital gains calculations. The judgment favored the Revenue, affirming higher capital gains and denying currency exchange loss deductions, with each party bearing their own costs. en-us Thu, 20 Feb 1986 00:00:00 +0530 Sat, 06 Feb 2010 16:22:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26668 The court determined that capital gains for a non-resident selling shares in an Indian company must be computed in Indian currency, rejecting foreign currency conversion for tax purposes. The court held that gains from asset transfers are taxable under "Capital gains" as per the Income-tax Act, computing the gains at Rs. 12,26,000. Losses from currency exchange post-computation are not deductible in capital gains calculations. The judgment favored the Revenue, affirming higher capital gains and denying currency exchange loss deductions, with each party bearing their own costs. Case-Laws Income Tax Thu, 20 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26668