https://www.taxtmi.com/caselaws?id=71938 The ITAT resolved the dispute by ruling that the foreign exchange gain of Rs. 15,31,518, realized on the date of deposit in the EEFC account, qualifies as business income and is eligible for exemption under Section 10B of the Income Tax Act, 1961. However, the subsequent gain of Rs. 19,721, accrued after the deposit, does not qualify for the exemption. The decision partially favored the assessee, aligning with the Judicial Member's view but distinguishing based on the timing of the gain realization. en-us Mon, 29 Dec 2008 00:00:00 +0530 Thu, 19 Dec 2024 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71938 The ITAT resolved the dispute by ruling that the foreign exchange gain of Rs. 15,31,518, realized on the date of deposit in the EEFC account, qualifies as business income and is eligible for exemption under Section 10B of the Income Tax Act, 1961. However, the subsequent gain of Rs. 19,721, accrued after the deposit, does not qualify for the exemption. The decision partially favored the assessee, aligning with the Judicial Member's view but distinguishing based on the timing of the gain realization. Case-Laws Income Tax Mon, 29 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71938