Asstt. CIT v. Prakash I. Shah

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The Tax Publishers2008 TaxPub(DT) 2237 (Mum-Trib) : (2008) 306 ITR 0001 : (2008) 115 ITD 0167 : (2008) 118 TTJ 0577 : (2008) 013 DTR 0353 Asstt. CIT v. Prakash I. Shah INCOME TAX ACT 1961 Deduction under section 80HHC - Computation of export turnover -Foreign exchange fluctuation gain. *Held :* Foreign exchange fluctuation gain was part of Export turnover and could not be treated as Income from other sources and that gain pertaining to exports made in earlier year should be part of export turnover of year in which such export was made and not in year of realization therefore, an assessee could claim deduction on foreign exchange fluctuation gain in year of export and not in subsequent year in which income has been realized and recognized in books of account. Income tax act 1961 section 80HHC Decision: In favour of assessee. A.Y : 2001-02 Case law analysis :Smt. Sujata Grover v. Dy. CIT [2002] 74 TTJ (Delhi) 347 (para 11) and Priyanka Gems v. Asstt. CIT [2005] 3 SOT 817 (Ahd.) (para 11) distinguished. CIT v. Amba Impex [2006] 282 ITR 144/[2007] 164 Taxman 344 (Guj.) INCOME TAX ACT, 1961 Rectification under section 155 - Deduction under section 80HHC -Ovelapping effect *Held :* Provision of section 155(13) had not an overlapping effect on provisions of section 80HHC Income tax act 1961 section 80HHC Decision : In favour of assessee. A.Y : 2001-02 Case law analysis :Smt. Sujata Grover v. Dy. CIT [2002] 74 TTJ (Delhi) 347 (para 11) and Priyanka Gems v. Asstt. CIT [2005] 3 SOT 817 (Ahd.) (para 11)distinguished. CIT v. Amba Impex [2006] 282 ITR 144/[2007] 164 Taxman 344 (Guj.) (para 18) SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2008 TaxPub(DT) 2237 (Mum-Trib) : (2008) 306 ITR 0001 : (2008) 115 ITD 0167 : (2008) 118 TTJ 0577 : (2008) 013 DTR 0353

Asstt. CIT v. Prakash I. Shah

INCOME TAX ACT 1961

Deduction under section 80HHC - Computation of export turnover -Foreign exchange fluctuation gain.

Held : Foreign exchange fluctuation gain was part of Export turnover and could not be treated as Income from other sources and that gain pertaining to exports made in earlier year should be part of export turnover of year in which such export was made and not in year of realization therefore, an assessee could claim deduction on foreign exchange fluctuation gain in year of export and not in subsequent year in which income has been realized and recognized in books of account.

Income tax act 1961 section 80HHC

Decision: In favour of assessee.
A.Y : 2001-02

Case law analysis :Smt. Sujata Grover v. Dy. CIT [2002] 74 TTJ (Delhi) 347 (para 11) and Priyanka Gems v. Asstt. CIT [2005] 3 SOT 817 (Ahd.) (para 11) distinguished. CIT v. Amba Impex [2006] 282 ITR 144/[2007] 164 Taxman 344 (Guj.)

INCOME TAX ACT, 1961

Rectification under section 155 - Deduction under section 80HHC -Ovelapping effect

Held : Provision of section 155(13) had not an overlapping effect on provisions of section 80HHC

Income tax act 1961 section 80HHC

Decision : In favour of assessee.
A.Y : 2001-02

Case law analysis :Smt. Sujata Grover v. Dy. CIT [2002] 74 TTJ (Delhi) 347 (para 11) and Priyanka Gems v. Asstt. CIT [2005] 3 SOT 817 (Ahd.) (para 11)distinguished. CIT v. Amba Impex [2006] 282 ITR 144/[2007] 164 Taxman 344 (Guj.) (para 18)