https://www.taxtmi.com/highlights?id=74801 Revenue receipt or capital receipt - Foreign exchange gain written back on cancellation of vessel construction contract taxed u/s. 28(iv) - The ITAT agreed with the assessee, holding that the gain was a capital receipt not taxable under Section 28(iv) of the Act. This decision underscores the differentiation between capital and revenue receipts, particularly in the context of foreign exchange gains related to capital assets. en-us Sat, 10 Feb 2024 11:14:06 +0530 Sat, 10 Feb 2024 11:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74801 Revenue receipt or capital receipt - Foreign exchange gain written back on cancellation of vessel construction contract taxed u/s. 28(iv) - The ITAT agreed with the assessee, holding that the gain was a capital receipt not taxable under Section 28(iv) of the Act. This decision underscores the differentiation between capital and revenue receipts, particularly in the context of foreign exchange gains related to capital assets. Highlights Income Tax Sat, 10 Feb 2024 11:14:06 +0530 https://www.taxtmi.com/highlights?id=74801