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2015 (10) TMI 1629 - AT - Income TaxEligibility for section 80IB - Income from exchange rate difference - Held that:- We find that hon'ble jurisdictional high court in the case of CIT vs. Alps Chemicals Ltd.(2014 (10) TMI 251 - GUJARAT HIGH COURT) holds that similar foreign exchange fluctuation gain are entitled for section 80 IB deduction. The Revenue fails to point any distinction on facts Sundry balances written back - income in question has been derived from its industrial undertaking in question. The Revenue fails to file any evidence rebutting the same. We approve CIT(A)'s order in these facts and reject the Revenue's ground. Scrap sales - There is no issue on facts. The hon'ble jurisdictional high court in the case of Harjivandas Juthabhai Zaveri's (1999 (12) TMI 5 - GUJARAT High Court) has treated identical income as eligible for section 80-IB deduction. The Revenue is not able to point out any distinction on facts - Decided in favour of assessee.
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