https://www.taxtmi.com/caselaws?id=29538 The court found in favor of the assessee on all three issues. Firstly, the Tribunal's findings regarding the nature of the fund held in the U.K. were deemed perverse due to not considering Reserve Bank restrictions, leading to the funds being classified as non-circulating capital. Secondly, the profit from lb1,796 not remitted to India was taxable as it was used for business purposes in the U.K. Lastly, Rs. 1,68,157 arising from the devaluation of the Indian Rupee was not considered revenue profit due to the blocked nature of the funds. Each issue was decided in favor of the assessee. en-us Thu, 11 Sep 1980 00:00:00 +0530 Sat, 13 Mar 2010 16:08:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29538 The court found in favor of the assessee on all three issues. Firstly, the Tribunal's findings regarding the nature of the fund held in the U.K. were deemed perverse due to not considering Reserve Bank restrictions, leading to the funds being classified as non-circulating capital. Secondly, the profit from lb1,796 not remitted to India was taxable as it was used for business purposes in the U.K. Lastly, Rs. 1,68,157 arising from the devaluation of the Indian Rupee was not considered revenue profit due to the blocked nature of the funds. Each issue was decided in favor of the assessee. Case-Laws Income Tax Thu, 11 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29538