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2015 (8) TMI 54 - HC - Income TaxExchange rate difference to exports made in earlier years - Whether was ‘profit of business’ within the meaning of Section 80HHC of the Act? - Held that:- Tribunal was justified in holding that the exchange rate difference to exports made in earlier years was ‘profit of business’ within the meaning of Section 80HHC of the Act. See Commissioner of Incometax-I vs. Friends and Friends Shipping Pvt. Ltd. [2013 (5) TMI 458 - GUJARAT HIGH COURT] and Commissioner of Income Tax V. Mitsu Limited [2014 (4) TMI 168 - GUJARAT HIGH COURT], CIT v. Badridas Gauridu (P) Ltd. [2003 (1) TMI 61 - BOMBAY High Court] and CIT v. Soorajmull Nagarmull (1980 (9) TMI 69 - CALCUTTA High Court) with Commissioner of Income Tax-II vs. Panchmahal Steel Ltd. [2013 (5) TMI 686 - GUJARAT HIGH COURT] - Decided in favour of assessee. Profit on cancellation of forward marketing contract - whether is to be treated as export turnover within the meaning of Section 80HHC? - Held that:- Tribunal was justified in holding that profit on cancellation of forward marketing contract is to be treated as export turnover within the meaning of Section 80HHC of the Act. See Commissioner of Income Tax V. Mitsu Limited [2014 (4) TMI 168 - GUJARAT HIGH COURT] and Commissioner of Income Tax-II vs. Panchmahal Steel Ltd. [2013 (5) TMI 686 - GUJARAT HIGH COURT] - Decided against revenue.
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