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)