https://www.taxtmi.com/caselaws?id=37720 The High Court affirmed the Tribunal's findings that the surplus from the devaluation constituted business income and accrued at the time of devaluation, not at the subsequent account adjustment. The Court directed the Tribunal to determine the exact foreign exchange amount receivable by the assessee on the devaluation date to calculate the surplus. The Court emphasized that the timing of income accrual is crucial, regardless of accounting presentation. The revenue prevailed, and the Tribunal was tasked with computing the profit based on the total dollars receivable by the assessee on the devaluation date, with no cost order issued. en-us Mon, 13 Mar 1978 00:00:00 +0530 Wed, 31 Mar 2010 16:07:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37720 The High Court affirmed the Tribunal's findings that the surplus from the devaluation constituted business income and accrued at the time of devaluation, not at the subsequent account adjustment. The Court directed the Tribunal to determine the exact foreign exchange amount receivable by the assessee on the devaluation date to calculate the surplus. The Court emphasized that the timing of income accrual is crucial, regardless of accounting presentation. The revenue prevailed, and the Tribunal was tasked with computing the profit based on the total dollars receivable by the assessee on the devaluation date, with no cost order issued. Case-Laws Income Tax Mon, 13 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37720