https://www.taxtmi.com/caselaws?id=39225 The court ruled in favor of the assessee, determining that the excess amount received due to devaluation of the Indian rupee was not a business receipt under section 10(3)(ii) of the Income-tax Act. The court differentiated the case from previous judgments, emphasizing that the compensation was for damaged goods and not part of regular business activities. As such, the sum of Rs. 13,455.75 was considered a windfall from devaluation, not a business receipt, supporting the assessee's position. en-us Wed, 01 Oct 1975 00:00:00 +0530 Tue, 25 Jul 2017 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39225 The court ruled in favor of the assessee, determining that the excess amount received due to devaluation of the Indian rupee was not a business receipt under section 10(3)(ii) of the Income-tax Act. The court differentiated the case from previous judgments, emphasizing that the compensation was for damaged goods and not part of regular business activities. As such, the sum of Rs. 13,455.75 was considered a windfall from devaluation, not a business receipt, supporting the assessee's position. Case-Laws Income Tax Wed, 01 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39225