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2014 (4) TMI 168 - GUJARAT HIGH COURTDeduction u/s 80HHC of the Act – Exclusion of excise duty and sales tax from computation – Held that:- The decision in Commissioner of Income-tax vs. Pogagen AMP Nagarsheth Powertronics Ltd. [2014 (3) TMI 934 - GUJARAT HIGH COURT ] followed – Decided against Revenue. Relief u/s 80HHC of the Act - Gain of forward currency contract – Speculative Transaction - Held that:- The decision in Commissioner of Income-tax-I vs. Friends and Friends Shipping Pvt.Ltd. [2013 (5) TMI 458 - GUJARAT HIGH COURT] followed -the assessee was entitled to claim deduction as a business loss – Decided against Revenue. Deduction u/s 80HHC of the Act – Receipts arising out of fluctuation of rate of foreign exchange – Held that:- The decision in Commissioner of Income Tax Versus M/s. Priyanka Gems [2014 (3) TMI 938 - GUJARAT HIGH COURT ] followed - The foreign exchange gain arising out of the fluctuation in the rate of foreign exchange cannot be divested from the export business of the assessee - once export is made, due to variety of reasons, the remission of the export sale consideration may not be made immediately – Decided against Revenue.
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