https://www.taxtmi.com/caselaws?id=149750 The Tribunal upheld the grant of relief under section 80HHC for gain on forward currency contracts, deeming it essential for realizing export proceeds and part of a risk management mechanism under FEMA of 1999. The Tribunal also found that recovery of bad debts and provisions written back were integral to business profits eligible for deduction under section 80HHC. However, the issue of excluding income earned from the sale of scrap from deduction was not entertained due to the insignificant amount involved. The inclusion of excise duty and sales tax in total turnover for deduction under section 80HHC was admitted for further consideration. en-us Tue, 29 Jun 2010 00:00:00 +0530 Fri, 03 May 2013 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=149750 The Tribunal upheld the grant of relief under section 80HHC for gain on forward currency contracts, deeming it essential for realizing export proceeds and part of a risk management mechanism under FEMA of 1999. The Tribunal also found that recovery of bad debts and provisions written back were integral to business profits eligible for deduction under section 80HHC. However, the issue of excluding income earned from the sale of scrap from deduction was not entertained due to the insignificant amount involved. The inclusion of excise duty and sales tax in total turnover for deduction under section 80HHC was admitted for further consideration. Case-Laws Income Tax Tue, 29 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=149750