TMI Blog2014 (12) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... he income of the assessee was the export - on the basis of accrual, income was already reflected in the assessee's account on the date of the export at the prevailing rate of exchange - the income was earned merely on account of foreign exchange fluctuation - such income was directly related to the assessee's export business and could not be said to have been removed beyond the first degree – thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 888 of 2005 - - - Dated:- 25-11-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. MR SUDHIR M MEHTA, ADVOCATE FOR THE APPELLANT JUDGEMENT Per: K S Jhaveri: 1. By way of this appeal, the appellant has challenged the judgment and order dated 27.10.2004 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B', in ITA No. 2450/A/2004 for AY 2001-02. 2. While admitti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,53,880/-. The return of income so filed was processed u/s. 143(1) of the Act. The return of income is supported by Audit report in the prescribed form No. 3CB and form No. 3CD of the Act. It is also accompanied by Form No. 10CCAC i.e. the claim by the exporter for the deduction u/s. 80HHC of the Act. The case was selected under scrutiny and notice under sec. 143(2) of the IT Act was issued on31.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of this Court in the case of Commissioner of Income-tax v. Priyanka Gems, reported in[2014] 367 ITR 575 (Guj), wherein, this Court has held as under: that the source of the income of the assessee was the export. On the basis of accrual, income was already reflected in the assessee's account on the date of the export at the prevailing rate of exchange. Further, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) of Explanation (baa) to section 80HHC for determining the profits of the business. 6. In that view of the matter, we are in complete agreement with the view taken by the Tribunal as facts and law are similar, no elaborate reasons are given by us. The appeal deserves to be dismissed. The questions are answered in favour of the assessee and against the Revenue. The present Tax Appeal is dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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