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2016 (7) TMI 1181 - AT - Income TaxClaim for deduction u/s. 80HHC in respect of the gains arising on maturity of foreign contracts - Held that:- As by following the decision of Hon’ble jurisdictional High Court rendered in the case of M/s Shah Originals (2010 (4) TMI 216 - BOMBAY HIGH COURT ), we hold that the Ld CIT(A) was justified in holding that the income arising from foreign exchange forward contract is not eligible for deduction u/s 80HHC of the Act, since it cannot be considered to be an income derived from export of goods or merchandise. - Decided against assessee.
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