https://www.taxtmi.com/caselaws?id=34945 The High Court upheld the Tribunal's decision that the gain from exchange rate fluctuation of foreign exchange receipts is a capital receipt, emphasizing that the nature of the funds raised determines the treatment of the gain. The Court rejected the Revenue's argument that a portion of the gain should be considered as revenue receipt due to utilization for working capital, emphasizing that the source of the funds, in this case, the share capital raised, is crucial in determining the nature of the gain. The Court affirmed the Tribunal's decision and dismissed the Revenue's challenge regarding the tax liability of the gain. en-us Fri, 25 Sep 2009 00:00:00 +0530 Fri, 04 Nov 2011 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34945 The High Court upheld the Tribunal's decision that the gain from exchange rate fluctuation of foreign exchange receipts is a capital receipt, emphasizing that the nature of the funds raised determines the treatment of the gain. The Court rejected the Revenue's argument that a portion of the gain should be considered as revenue receipt due to utilization for working capital, emphasizing that the source of the funds, in this case, the share capital raised, is crucial in determining the nature of the gain. The Court affirmed the Tribunal's decision and dismissed the Revenue's challenge regarding the tax liability of the gain. Case-Laws Income Tax Fri, 25 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34945