https://www.taxtmi.com/caselaws?id=121783 The Tribunal determined that gains from the cancellation of foreign exchange contracts are business income but not fully eligible for deduction under section 80HHC, requiring ninety percent exclusion as independent income. Additionally, it upheld the denial of exemption under section 10A for income from Unit I, as the amendment extending the tax holiday was prospective and not applicable to the assessment year 1997-98. Both appeals were partly allowed for statistical purposes. en-us Tue, 18 Nov 2008 00:00:00 +0530 Thu, 07 Dec 2023 19:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121783 The Tribunal determined that gains from the cancellation of foreign exchange contracts are business income but not fully eligible for deduction under section 80HHC, requiring ninety percent exclusion as independent income. Additionally, it upheld the denial of exemption under section 10A for income from Unit I, as the amendment extending the tax holiday was prospective and not applicable to the assessment year 1997-98. Both appeals were partly allowed for statistical purposes. Case-Laws Income Tax Tue, 18 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121783