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The Commissioner of Income Tax-III Versus Veer Gems

2015 (8) TMI 54 - GUJARAT HIGH COURT

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 .....

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) 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 .....

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lding 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 Commission .....

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e Respondent : Mr Swati Soparkar, Adv. JUDGMENT (Per : Honourable Mr. Justice A. J. Desai) 1. While admitting Tax Appeal on 19.09.2007, following substantial questions of law were framed. "(1) Whether on the facts and circumstances of the case a .....

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he 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, lear .....

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n 23.8.2011 in Tax Appeal No.251 of 2010 in the case of Commissioner of Incometax-I vs. Friends and Friends Shipping Pvt. Ltd. and on 19.03.2014 in Tax Appeal No. 658 of 2009 in the case of Commissioner of Income Tax V. Mitsu Limited. By a bipartite .....

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. The said decision was also followed in the order dated 28.3.2013 in the case of Commissioner of Income Tax-II vs. Panchmahal Steel Ltd. passed in Tax Appeal No.131 of 2013. Thus, the question for our consideration in this appeal is squarely covered .....

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