https://www.taxtmi.com/caselaws?id=116935 Foreign exchange fluctuation gain arising from export sales was treated as accruing in the year when the export proceeds were earned, because the right to receive the sale consideration arose on the date of sale and later exchange variation only changed the rupee equivalent on realization. The gain was therefore taxable in assessment year 1991-92 rather than 1992-93. As the amount formed part of the export sale proceeds of that year, it was also required to be included in export profits for deduction under section 80HHC, and the computation had to be recomputed on that basis. en-us Wed, 09 Jul 2003 00:00:00 +0530 Wed, 28 Aug 2024 11:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116935 Foreign exchange fluctuation gain arising from export sales was treated as accruing in the year when the export proceeds were earned, because the right to receive the sale consideration arose on the date of sale and later exchange variation only changed the rupee equivalent on realization. The gain was therefore taxable in assessment year 1991-92 rather than 1992-93. As the amount formed part of the export sale proceeds of that year, it was also required to be included in export profits for deduction under section 80HHC, and the computation had to be recomputed on that basis. Case-Laws Income Tax Wed, 09 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116935