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2013 (7) TMI 931 - HC - Income TaxDeduction u/s 80 HHC(3) - whether exchange rate fluctuation was not in the nature of “other receipts” and could not be reduced from 'profit of business' under clause (baa) of Explanation? - Held that:- As we have already held that words appearing in Explanation (baa) do not support the argument of the revenue that amount received on account of foreign exchange fluctuation should not be included in the export income of the party, the Income Tax Appellate Tribunal was right in holding that amount received for exchange rate fluctuation does not fall within the expression “other receipts” and shall not be reduced from profit in terms of Explanation (baa) to Section 80 HHC of the Act. In this view of the matter, the question of law is answered in favour of the assessee and against the revenue
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