https://www.taxtmi.com/caselaws?id=270856 Deduction for export-linked undertakings is available only when the statutory approval requirement is satisfied by the competent authority; approvals under a Software Technology Park scheme do not replace the specific approval contemplated for the claim. Foreign exchange forward contracts entered into to hedge export receivables and currency fluctuation risk are treated as business transactions rather than speculative dealings, but only to the extent they have a clear nexus with export turnover. Any excess or disconnected contracts require separate verification, and recomputation may be necessary where factual scrutiny of turnover linkage or premature cancellation is still pending. An alternative export deduction claim may remain open for examination in accordance with law. en-us Thu, 31 Dec 2015 00:00:00 +0530 Mon, 18 Jan 2016 05:56:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270856 Deduction for export-linked undertakings is available only when the statutory approval requirement is satisfied by the competent authority; approvals under a Software Technology Park scheme do not replace the specific approval contemplated for the claim. Foreign exchange forward contracts entered into to hedge export receivables and currency fluctuation risk are treated as business transactions rather than speculative dealings, but only to the extent they have a clear nexus with export turnover. Any excess or disconnected contracts require separate verification, and recomputation may be necessary where factual scrutiny of turnover linkage or premature cancellation is still pending. An alternative export deduction claim may remain open for examination in accordance with law. Case-Laws Income Tax Thu, 31 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270856