https://www.taxtmi.com/caselaws?id=202544 The High Court held that the surplus amount resulting from fluctuations in foreign exchange rates could be considered part of the export turnover under section 80HHC of the Income-tax Act. The court emphasized the direct link between the surplus realization and the export transaction, noting that it would not have occurred without the export. The decision favored the assessee, directing the Assessing Officer to follow the Commissioner of Income-tax (Appeals)'s order regarding the treatment of the surplus amount. The court highlighted the importance of considering the mode of payment in foreign currency and the lack of specific timeline considerations within the statutory period. en-us Thu, 01 Jul 2010 00:00:00 +0530 Thu, 26 Nov 2015 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202544 The High Court held that the surplus amount resulting from fluctuations in foreign exchange rates could be considered part of the export turnover under section 80HHC of the Income-tax Act. The court emphasized the direct link between the surplus realization and the export transaction, noting that it would not have occurred without the export. The decision favored the assessee, directing the Assessing Officer to follow the Commissioner of Income-tax (Appeals)'s order regarding the treatment of the surplus amount. The court highlighted the importance of considering the mode of payment in foreign currency and the lack of specific timeline considerations within the statutory period. Case-Laws Income Tax Thu, 01 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202544