https://www.taxtmi.com/caselaws?id=175666 The High Court held that income arising from foreign exchange fluctuation should be considered as part of profits derived from exports and eligible for exemption/deduction under section 10B of the Income Tax Act. The Court rejected the Revenue's argument that the fluctuation income should be assessed separately, emphasizing that it directly relates to the export transaction. The Court clarified that the export transaction is complete only upon actual receipt of sale proceeds in foreign exchange by the Indian assessee. Consequently, the Court dismissed the Revenue's appeal and upheld the assessee's position. en-us Tue, 07 Feb 2012 00:00:00 +0530 Wed, 02 Dec 2015 11:18:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175666 The High Court held that income arising from foreign exchange fluctuation should be considered as part of profits derived from exports and eligible for exemption/deduction under section 10B of the Income Tax Act. The Court rejected the Revenue's argument that the fluctuation income should be assessed separately, emphasizing that it directly relates to the export transaction. The Court clarified that the export transaction is complete only upon actual receipt of sale proceeds in foreign exchange by the Indian assessee. Consequently, the Court dismissed the Revenue's appeal and upheld the assessee's position. Case-Laws Income Tax Tue, 07 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175666