https://www.taxtmi.com/caselaws?id=352545 The High Court upheld the Tribunal's decision to allow the deduction under section 10B of the Income Tax Act for fluctuation in rates on foreign exchange. The court emphasized that such fluctuations are directly related to the export business and do not alter the character of income derived from exports. It was held that income or loss due to exchange rate fluctuations is an integral part of the export business, and therefore, the appellant's challenge was dismissed as there was no legal infirmity in the Tribunal's order. en-us Wed, 29 Nov 2017 00:00:00 +0530 Wed, 10 Jan 2018 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352545 The High Court upheld the Tribunal's decision to allow the deduction under section 10B of the Income Tax Act for fluctuation in rates on foreign exchange. The court emphasized that such fluctuations are directly related to the export business and do not alter the character of income derived from exports. It was held that income or loss due to exchange rate fluctuations is an integral part of the export business, and therefore, the appellant's challenge was dismissed as there was no legal infirmity in the Tribunal's order. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352545