https://www.taxtmi.com/caselaws?id=37662 Foreign currency held as a capital asset falls within the definition of "capital asset", and conversion or repatriation of that currency into Indian rupees amounts to a transfer giving rise to capital gains. On the facts found, the currency was held as investment rather than as trading stock, so the surplus on repatriation was not business income. The Karnataka HC held that the gain was correctly taxed as long-term capital gain under the Act. en-us Thu, 11 Jan 1979 00:00:00 +0530 Wed, 31 Mar 2010 12:12:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37662 Foreign currency held as a capital asset falls within the definition of "capital asset", and conversion or repatriation of that currency into Indian rupees amounts to a transfer giving rise to capital gains. On the facts found, the currency was held as investment rather than as trading stock, so the surplus on repatriation was not business income. The Karnataka HC held that the gain was correctly taxed as long-term capital gain under the Act. Case-Laws Income Tax Thu, 11 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37662