https://www.taxtmi.com/caselaws?id=404690 The Tribunal upheld the assessee's appeal, directing the exclusion of the foreign exchange gain from the computation of business income. The additional ground challenging the taxability of the gain was admitted, aligning with the principle that assessment proceedings aim to determine correct tax liability. The gain was deemed capital in nature, not revenue, and thus excluded from deduction under section 10A. The appeal was decided in favor of the assessee, with the order issued on 25th February 2021. en-us Thu, 25 Feb 2021 00:00:00 +0530 Mon, 01 Mar 2021 10:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404690 The Tribunal upheld the assessee's appeal, directing the exclusion of the foreign exchange gain from the computation of business income. The additional ground challenging the taxability of the gain was admitted, aligning with the principle that assessment proceedings aim to determine correct tax liability. The gain was deemed capital in nature, not revenue, and thus excluded from deduction under section 10A. The appeal was decided in favor of the assessee, with the order issued on 25th February 2021. Case-Laws Income Tax Thu, 25 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404690