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2015 (8) TMI 54 - GUJARAT HIGH COURT

2015 (8) TMI 54 - GUJARAT HIGH COURT - TMI - Exchange 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 Commiss .....

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C? - 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. - Tax Appeal No. 1051 of 2007 - Dated:- 21-7-2015 - A. J. Desai And A. G. Uraizee, JJ. For t .....

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er on the facts and in the circumstances of the case and in law, the Appellate 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?" 2. Heard Mr. Sudhir M. Mehta, learned advocate for the appellant and Mr.B.S.Soparkar, learned advocate for the opponent. 3. The substantial question of law framed in the present appeal for our consideration came to be considered by the dif .....

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