https://www.taxtmi.com/caselaws?id=188538 The Court dismissed the Revenue's appeal for the assessment year 2003-04 without costs. The Tribunal upheld that exchange rate gain on forward contracts is business income and ruled that foreign exchange gain should be treated as export profit, not excluded from export turnover under section 80HHC of the Income Tax Act, 1961. The Court found no justification to entertain the issue of including exchange rate gain on forward contracts. Additionally, the Court noted that foreign exchange gain should be excluded from export turnover for computation under section 80HHC, based on previous judicial precedents. en-us Wed, 06 Mar 2013 00:00:00 +0530 Mon, 05 Dec 2016 11:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188538 The Court dismissed the Revenue's appeal for the assessment year 2003-04 without costs. The Tribunal upheld that exchange rate gain on forward contracts is business income and ruled that foreign exchange gain should be treated as export profit, not excluded from export turnover under section 80HHC of the Income Tax Act, 1961. The Court found no justification to entertain the issue of including exchange rate gain on forward contracts. Additionally, the Court noted that foreign exchange gain should be excluded from export turnover for computation under section 80HHC, based on previous judicial precedents. Case-Laws Income Tax Wed, 06 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188538