https://www.taxtmi.com/caselaws?id=27373 The High Court held that the assessee obtained a benefit from the devaluation of the British pound sterling, resulting in a reduction of liability and increase in taxable surplus. The Court ruled in favor of the Revenue, upholding the Tribunal's decision that the profit arising from devaluation was a taxable trading profit incidental to the business. The High Court granted a certificate for appeal to the Supreme Court on the significant question of law concerning the timing of profit or loss due to currency appreciation or depreciation. en-us Mon, 15 Apr 1985 00:00:00 +0530 Fri, 12 Feb 2010 13:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27373 The High Court held that the assessee obtained a benefit from the devaluation of the British pound sterling, resulting in a reduction of liability and increase in taxable surplus. The Court ruled in favor of the Revenue, upholding the Tribunal's decision that the profit arising from devaluation was a taxable trading profit incidental to the business. The High Court granted a certificate for appeal to the Supreme Court on the significant question of law concerning the timing of profit or loss due to currency appreciation or depreciation. Case-Laws Income Tax Mon, 15 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27373