https://www.taxtmi.com/caselaws?id=254463 The High Court dismissed the Tax Appeal filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal for the assessment year 2001-02. The Court addressed substantial questions of law related to exchange rate differences and interest received on fixed deposits. Relying on previous judgments, the Court ruled in favor of the assessee, stating that the income from exchange rate differences qualified for deduction under section 80HHC and only net interest should be considered for determining business profits. The appeal was dismissed, with the Court siding with the assessee against the Revenue. en-us Tue, 25 Nov 2014 00:00:00 +0530 Tue, 23 Dec 2014 06:21:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254463 The High Court dismissed the Tax Appeal filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal for the assessment year 2001-02. The Court addressed substantial questions of law related to exchange rate differences and interest received on fixed deposits. Relying on previous judgments, the Court ruled in favor of the assessee, stating that the income from exchange rate differences qualified for deduction under section 80HHC and only net interest should be considered for determining business profits. The appeal was dismissed, with the Court siding with the assessee against the Revenue. Case-Laws Income Tax Tue, 25 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254463