https://www.taxtmi.com/caselaws?id=39907 The High Court held that the exchange difference of Rs. 1,70,746 was not assessable under the Indian Income-tax Act as it was deemed a capital receipt, not taxable as revenue. The Court found that the profit did not arise during the bank's trading operations and was blocked and unused for banking purposes, changing its character. Despite arguments referencing other case laws, the Court emphasized the unique circumstances of the case and affirmed the High Court's decision, dismissing the appeal with costs. en-us Thu, 13 Oct 1966 00:00:00 +0530 Tue, 12 Aug 2014 20:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39907 The High Court held that the exchange difference of Rs. 1,70,746 was not assessable under the Indian Income-tax Act as it was deemed a capital receipt, not taxable as revenue. The Court found that the profit did not arise during the bank's trading operations and was blocked and unused for banking purposes, changing its character. Despite arguments referencing other case laws, the Court emphasized the unique circumstances of the case and affirmed the High Court's decision, dismissing the appeal with costs. Case-Laws Income Tax Thu, 13 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39907