https://www.taxtmi.com/caselaws?id=285121 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision, affirming the assessee's entitlement to deduction under section 10B of the Act on exchange rate fluctuation. The Tribunal ruled that the gain on foreign exchange fluctuation was attributable to the assessee's export activities, following the precedent set by the Gujarat High Court. The Tribunal dismissed the Revenue's appeal based on the principle that exchange fluctuation gain is part of the sale proceeds converted into Indian rupee post-export, resulting in the assessee earning the gain. en-us Fri, 28 Jan 2011 00:00:00 +0530 Fri, 27 Dec 2019 11:24:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285121 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision, affirming the assessee's entitlement to deduction under section 10B of the Act on exchange rate fluctuation. The Tribunal ruled that the gain on foreign exchange fluctuation was attributable to the assessee's export activities, following the precedent set by the Gujarat High Court. The Tribunal dismissed the Revenue's appeal based on the principle that exchange fluctuation gain is part of the sale proceeds converted into Indian rupee post-export, resulting in the assessee earning the gain. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285121