https://www.taxtmi.com/caselaws?id=118305 The Tribunal ruled in favor of the revenue, determining that the exchange rate gain difference of Rs. 51,15,047 should be included in the export turnover of the relevant assessment years if it satisfies the criteria under section 80HHC(2) of the Income-tax Act, 1961. This decision emphasizes adherence to the mercantile system of accounting and the specific legal provisions, ensuring that export sales proceeds realized within the specified period are related back to the year of export. The Tribunal's decision prevents double deduction and aligns with the legislative intent, requiring a literal interpretation of the law. en-us Fri, 28 Apr 2006 00:00:00 +0530 Mon, 18 Mar 2024 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118305 The Tribunal ruled in favor of the revenue, determining that the exchange rate gain difference of Rs. 51,15,047 should be included in the export turnover of the relevant assessment years if it satisfies the criteria under section 80HHC(2) of the Income-tax Act, 1961. This decision emphasizes adherence to the mercantile system of accounting and the specific legal provisions, ensuring that export sales proceeds realized within the specified period are related back to the year of export. The Tribunal's decision prevents double deduction and aligns with the legislative intent, requiring a literal interpretation of the law. Case-Laws Income Tax Fri, 28 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118305