https://www.taxtmi.com/caselaws?id=36224 The Tribunal held that the right to acquire foreign exchange through forward contracts was not a capital asset under section 2(14) of the Income-tax Act. The Tribunal concluded that the realization of the surplus from the cancellation of the contracts did not constitute a transfer under section 2(47) and no capital gains arose, following the Calcutta High Court precedent. The High Court determined that the receipt was not taxable under section 45 as there was no profit or gain from a transfer of a capital asset, ruling in favor of the assessee. en-us Mon, 09 Jun 1980 00:00:00 +0530 Sat, 20 Mar 2010 11:23:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36224 The Tribunal held that the right to acquire foreign exchange through forward contracts was not a capital asset under section 2(14) of the Income-tax Act. The Tribunal concluded that the realization of the surplus from the cancellation of the contracts did not constitute a transfer under section 2(47) and no capital gains arose, following the Calcutta High Court precedent. The High Court determined that the receipt was not taxable under section 45 as there was no profit or gain from a transfer of a capital asset, ruling in favor of the assessee. Case-Laws Income Tax Mon, 09 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36224