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1973 (1) TMI 8 - HC - Income TaxAssessee is a banking company and, as part of its banking business, has been purchasing cheques, payment orders, mail transfers, demand drafts, bills and other negotiable instruments drawn in foreign currencies and, sometimes, foreign currencies themselves from its clients - " (i) Whether the sum of Rs. 4,65,515, being profit arising on the devaluation of the Indian rupee on 6th June, 1966, was income chargeable to income-tax ? (ii) Whether Tribunal was right in law in rejecting the assessee's claim to deduct an amount of Rs. 52,935 being loss arising on the valuation of closing stock of Government securities, in determining its total income for the assessment year 1967-68 ?" - first question referred to above is answered in favour of the revenue and against the assessee, and the second question is answered against the revenue and in favour of the assessee
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