https://www.taxtmi.com/caselaws?id=37768 The High Court of Calcutta ruled that a surplus amount received by the assessee due to devaluation should be treated as a trading receipt and added to the total income for the assessment year. Despite the assessee's argument that the surplus was non-taxable as it resulted from devaluation by the State, the Court held that it was connected to the business activities and constituted a trading profit. The Court affirmed that the surplus amount was taxable income for the assessee in the relevant assessment year. en-us Tue, 14 Mar 1978 00:00:00 +0530 Thu, 01 Apr 2010 10:21:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37768 The High Court of Calcutta ruled that a surplus amount received by the assessee due to devaluation should be treated as a trading receipt and added to the total income for the assessment year. Despite the assessee's argument that the surplus was non-taxable as it resulted from devaluation by the State, the Court held that it was connected to the business activities and constituted a trading profit. The Court affirmed that the surplus amount was taxable income for the assessee in the relevant assessment year. Case-Laws Income Tax Tue, 14 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37768