https://www.taxtmi.com/caselaws?id=36084 The High Court determined that the surplus amount realized by a foreign incorporated company due to the devaluation of the Indian rupee constituted a business profit rather than a capital gain. The Court upheld the tax authorities' classification of the surplus as business profit, emphasizing that it was connected to the company's routine business operations and not earmarked for capital utilization. The Court relied on previous rulings and precedent to support its decision, ultimately ruling in favor of treating the surplus amount as taxable business profit. en-us Wed, 28 Nov 1979 00:00:00 +0530 Fri, 19 Mar 2010 12:27:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36084 The High Court determined that the surplus amount realized by a foreign incorporated company due to the devaluation of the Indian rupee constituted a business profit rather than a capital gain. The Court upheld the tax authorities' classification of the surplus as business profit, emphasizing that it was connected to the company's routine business operations and not earmarked for capital utilization. The Court relied on previous rulings and precedent to support its decision, ultimately ruling in favor of treating the surplus amount as taxable business profit. Case-Laws Income Tax Wed, 28 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36084