https://www.taxtmi.com/caselaws?id=175547 The Court interpreted Section 80 HHC of the Income Tax Act regarding the treatment of receipts from foreign exchange fluctuation. It held that such receipts should not be reduced from the profit of the business as per the explanation under Section 80 HHC(3). The Court concluded that these receipts should be included in the export income of the party and did not fall within the category of "other receipts" specified in the Act. Consequently, the Court affirmed the decision of the Income Tax Appellate Tribunal in favor of the assessee, dismissing the revenue's appeal. en-us Thu, 18 Jul 2013 00:00:00 +0530 Wed, 01 Mar 2017 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175547 The Court interpreted Section 80 HHC of the Income Tax Act regarding the treatment of receipts from foreign exchange fluctuation. It held that such receipts should not be reduced from the profit of the business as per the explanation under Section 80 HHC(3). The Court concluded that these receipts should be included in the export income of the party and did not fall within the category of "other receipts" specified in the Act. Consequently, the Court affirmed the decision of the Income Tax Appellate Tribunal in favor of the assessee, dismissing the revenue's appeal. Case-Laws Income Tax Thu, 18 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175547