https://www.taxtmi.com/caselaws?id=37914 The High Court held that the surplus amount of Rs. 16,534 received by the assessee due to devaluation of goods imported from the U.S. was deemed to be part of the business income and therefore taxable for the assessment year 1967-68. The Court rejected the assessee's argument that the amount was a casual and non-recurring receipt, emphasizing that it was an integral part of the business activities. The reference was decided in favor of the revenue, with costs granted to them. en-us Mon, 13 Mar 1978 00:00:00 +0530 Thu, 01 Apr 2010 17:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37914 The High Court held that the surplus amount of Rs. 16,534 received by the assessee due to devaluation of goods imported from the U.S. was deemed to be part of the business income and therefore taxable for the assessment year 1967-68. The Court rejected the assessee's argument that the amount was a casual and non-recurring receipt, emphasizing that it was an integral part of the business activities. The reference was decided in favor of the revenue, with costs granted to them. Case-Laws Income Tax Mon, 13 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37914