Supreme Court · 1985 INSC 234 · Decided 31 October 1985
State Bank of India v. Commissioner of Income Tax, Ernakulam
- Court
- Supreme Court of India
- Citation
- 1985 INSC 234 · [1985] SUPP. 3 S.C.R. 694
- Case number
- CIVIL APPEAL No. 596/1974
- Decided
- 31 October 1985
- Bench
- V.D. TULZAPURKAR, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
F G H 694 STATE llAlil OF DlDIA Vo COMMISSIONER OF IN<DlE Ult, EllNWII AM ocroBER 31, 1985 (V.D. TlJLZAPUR!<AR AND SABYASACHI MllKHABJI, JJ,] Income Tax Act, 1961 ~ s.5 - Foreign exchange bueineae - Devaluation of Indian rupee - Appreciation in value - Whether trading receipts and exigible devaluation of the Indian rupee the 811lOUOts credited to the uaeoaee in the foreip hanlta regiatered an increaae. Thia ezceas realiution on devaluation waa treated by the IDCOme-tax Officer aa income of the um•ru rejecting it• plea that the profit waa in the nature of a windfall, The
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