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2018 (5) TMI 800 - AT - Income TaxForeign exchange fluctuation gain disallowance - Held that:- The impugned foreign exchange fluctuation gain had arisen from difference in exchange rate at the time of booking of the export followed by its realisation. We note that in case Principal CIT vs Asahi Songwon Colors Limited [2017 (12) TMI 814 - GUJARAT HIGH COURT] has deleted a similar disallowance by terming corresponding gain to be business income only by following its earlier order in CIT vs Priyanka Gems [2014 (3) TMI 938 - GUJARAT HIGH COURT]. There is no legal or factual exception pointed during the course of hearing at the Revenue’s behest. We therefore see no merit in the impugned disallowance. The same stands deleted.- Decided in favour of assessee. Disallowing 10B deduction on account of profit on sale of import licence - Held that:- We notice herein as well that this tribunal coordinate bench in DCIT vs Narendra Tea company (P) Ltd [2017 (5) TMI 1215 - ITAT KOLKATA] has adjudicated the very issue against the Revenue stating as per the computation made by the Assessing Officer himself, there is no dispute that export incentive incomes have been treated by the Assessing Officer as business income. - the undertaking is eligible for deduction on export incentive received by it in terms of provisions of Section 10B(1) read with Section 10B(4) of the Act Sub-section (4) of section 10A/10B of the Act is a complete code providing mechanism for computing the “profit of the business” eligible for deduction u/s. 10B - Decided in favour of assessee.
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