Receipts of sale proceeds in rupees in respect of protocol exports--Whether eligible for deduction under section 80HHC of the Income-tax Act, 1961

Receipts of sale proceeds in rupees in respect of protocol exports--Whether eligible for deduction under section 80HHC of the Income-tax Act, 1961 https://www.taxtmi.com/circulars?id=4979 The Central tax authority clarifies that exporters under Government-to-Government (protocol) credit arrangements remain eligible for the export-turnover deduction even when their immediate sale proceeds are realised in Indian currency, because settlement between governments and ultimate realisation in foreign exchange under the bilateral credit does not disqualify the deduction. en-us Wed, 23 May 1990 00:00:00 +0530 Fri, 08 Aug 2008 12:29:00 +0530 TaxTMI RSS Generator Receipts of sale proceeds in rupees in respect of protocol exports--Whether eligible for deduction under section 80HHC of the Income-tax Act, 1961 https://www.taxtmi.com/circulars?id=4979 The Central tax authority clarifies that exporters under Government-to-Government (protocol) credit arrangements remain eligible for the export-turnover deduction even when their immediate sale proceeds are realised in Indian currency, because settlement between governments and ultimate realisation in foreign exchange under the bilateral credit does not disqualify the deduction. Circulars Income Tax Wed, 23 May 1990 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4979