https://www.taxtmi.com/caselaws?id=168506 The Appellate Tribunal ITAT Mumbai ruled in favor of the Revenue in an appeal regarding the deduction u/s.80HHC on profit from forward contract receipts for the assessment year 2004-2005. The Tribunal held that gains from forward contracts did not qualify for the deduction as they lacked a direct connection with export activities, overturning the CIT(A)'s decision. The Tribunal emphasized the nature of income over its classification and reinstated the Assessing Officer's disallowance of the deduction. The appeal was allowed, and the decision was issued on April 20, 2011. en-us Wed, 20 Apr 2011 00:00:00 +0530 Mon, 04 May 2015 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168506 The Appellate Tribunal ITAT Mumbai ruled in favor of the Revenue in an appeal regarding the deduction u/s.80HHC on profit from forward contract receipts for the assessment year 2004-2005. The Tribunal held that gains from forward contracts did not qualify for the deduction as they lacked a direct connection with export activities, overturning the CIT(A)'s decision. The Tribunal emphasized the nature of income over its classification and reinstated the Assessing Officer's disallowance of the deduction. The appeal was allowed, and the decision was issued on April 20, 2011. Case-Laws Income Tax Wed, 20 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168506