2011 (1) TMI 1555

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.... ORDER PER BHAVNESH SAINI, JUDICIAL MEMBER : This appeal by the Revenue is directed against the order of the Commissioner of Income-tax(Appeals)-VIII, Ahmedabad dated 19.01.2010 for the assessment year 2007-2008 on the following grounds: 1. The ld.CIT(A) has erred in law and on facts in holding that the assessee is entitled to deduction u/s.10B of the Act on exchange rate fluctuati....

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....s under: 6. We have heard the rival submissions and perused the orders of the lower authorities and the materials available on record. In the instant case, the assessee earned exchange rate fluctuation of Rs. 17,10,678/- on sale proceeds of goods, which was disallowed deduction under section 10B of the Act by the Learned Assessing Officer. In appeal, the Learned Commissioner of Income Tax....

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....he same In any bank account and earned exchange fluctuation gain at the time of withdrawal from the said bank account. On the other hand, the facts of the case is that the assessee made an export sale and recorded the sale value at the value mentioned in the invoice and later on when it actually received the sale proceeds due to change in rate of exchange the assessee received more sale proceeds o....