2009 (9) TMI 1042

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ar ORDER PER N.S. SAINI, ACCOUNTANT MEMBER :- This is an appeal filed by the revenue against the order of the ld.CIT(Appeals)-VIII, Ahmedabad, dated 24.03.2009 taking the sole ground of appeal that the Learned Commissioner of Income Tax(Appeals) erred in law and facts and directing the Learned Assessing Officer to allow deduction under section 10B on gains from foreign exchange fluctuatio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... section 10B of the Act. 4. The Learned Authorised Representative of the Assessee argued that the issue at hand is now covered by the decision of third member of the Tribunal in the case of Income Tax Officer vs. Banyan Chemicals Ltd. (2009) 117 ITD 376. 5. The Learned Departmental Representative also agreed with the submissions of the Learned Authorised Representative of the Assessee. 6.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ourt in CIT Vs. Amba Impax (2006) 282 ITR 144 (Guj.). Though it was a case under section 80HHC but the provisions of section 10B are in para materia and therefore, the decision would apply mutatis mutandis to section 10B. Respectfully following the same, we find that in the instant case, it is not the fact that the assessee has received sale proceeds of exports and deposited the same in any bank a....