Deduction for foreign exchange gain

[ANIL BEDI]

WHETHER FOREIGN EXCHANGE GAIN ELIGIBLE FOR DEDUCTION U/S 10B OR U/S 80HHC. IF YES, PROVIDE SOME HIGH COURT OR SUPREME COURT JUDGMENT.

[Surender Gupta]

Exemption u/s 10B is available upto AY 2010-11. But exemption u/s 80HHC has been withdrawn.

[DEV KUMAR KOTHARI]

Better have a search on website and share information gatehred. it is complex topic.

AI Summary

Deduction for foreign exchange gain: eligibility depends on which export-linked exemption applies and its current statutory status.
Entitlement to deduct foreign exchange gains depends on which export-linked deduction is invoked and whether that statutory provision remains in force; one advisory note indicates the exemption for newly established undertakings was available up to the relevant assessment period while the export profit deduction was withdrawn, so taxpayers must verify statutory applicability and consult authorities before claiming the deduction.