Section 80HHC deduction affirmed for protocol exports where sale proceeds are received in Indian currency, eligibility clarified. The Central tax authority clarifies that exporters under Government-to-Government (protocol) credit arrangements remain eligible for the export-turnover ... Summary
Section 80HHC deduction affirmed for protocol exports where sale proceeds are received in Indian currency, eligibility clarified.
The Central tax authority clarifies that exporters under Government-to-Government (protocol) credit arrangements remain eligible for the export-turnover deduction even when their immediate sale proceeds are realised in Indian currency, because settlement between governments and ultimate realisation in foreign exchange under the bilateral credit does not disqualify the deduction.
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