2015 (8) TMI 54

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....urable Mr. Justice A. J. Desai) 1. While admitting Tax Appeal on 19.09.2007, following substantial questions of law were framed. "(1) Whether on the facts and circumstances of the case and in law the Appellate Tribunal was justified in holding that the exchange rate difference to exports made in earlier years was 'profit of business' within the meaning of Section 80HHC of the Act? (2) Whe....

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....aring on 23.8.2011, Revenues appeal was dismissed. The Court followed the decisions of CIT v. Badridas Gauridu (P) Ltd. reported in 261 ITR 256 and of the Calcutta High Court in the case of CIT v. Soorajmull Nagarmull reported in 129 ITR 169 (Cal.). The said decision was also followed in the order dated 28.3.2013 in the case of Commissioner of Income Tax-II vs. Panchmahal Steel Ltd. passed in Tax ....