https://www.taxtmi.com/caselaws?id=38178 The High Court upheld the Tribunal's decision that the appreciation of foreign currency held by a bank was taxable income as it was part of the bank's business operations and not capital profit. The foreign currency amounts were considered profits made in the course of the bank's business activities, as the bank had the freedom to convert currencies and utilized them for payments. The taxability of the foreign currency appreciations for both assessment years was affirmed in favor of the tax department, with costs awarded to the department, including advocate's fees. en-us Mon, 29 May 1978 00:00:00 +0530 Sat, 03 Apr 2010 15:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38178 The High Court upheld the Tribunal's decision that the appreciation of foreign currency held by a bank was taxable income as it was part of the bank's business operations and not capital profit. The foreign currency amounts were considered profits made in the course of the bank's business activities, as the bank had the freedom to convert currencies and utilized them for payments. The taxability of the foreign currency appreciations for both assessment years was affirmed in favor of the tax department, with costs awarded to the department, including advocate's fees. Case-Laws Income Tax Mon, 29 May 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38178