https://www.taxtmi.com/caselaws?id=414362 The Tribunal ruled in favor of the assessee, determining that the exchange rate fluctuation gain on Global Depository Receipts (GDRs) raised against equity capital should be treated as a capital receipt, not a revenue receipt. The Tribunal set aside the Assessing Officer's decision and directed the treatment of the exchange gain fluctuation as a capital receipt for the relevant assessment years. Additionally, the Tribunal rejected the classification of the activity as an adventure in the nature of business, directing the AO to treat the exchange gain fluctuation on GDRs as a capital receipt. en-us Wed, 27 Oct 2021 00:00:00 +0530 Wed, 03 Nov 2021 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414362 The Tribunal ruled in favor of the assessee, determining that the exchange rate fluctuation gain on Global Depository Receipts (GDRs) raised against equity capital should be treated as a capital receipt, not a revenue receipt. The Tribunal set aside the Assessing Officer's decision and directed the treatment of the exchange gain fluctuation as a capital receipt for the relevant assessment years. Additionally, the Tribunal rejected the classification of the activity as an adventure in the nature of business, directing the AO to treat the exchange gain fluctuation on GDRs as a capital receipt. Case-Laws Income Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414362