2014 (1) TMI 245

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..... efit/reduction of liability on account of foreign exchange fluctuation on borrowed funds/loans is not income “derived” from exports of articles or things or computer software - Section 10A (4), is not applicable to the facts of the present case - The said sub-section is applicable when an assessee has domestic turnover/non-eligible turnover and also eligible export turnover - The entire turnover o .....

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..... ncome under the Income Tax Act, 1961 We are not inclined to admit the present appeal on the question whether income/profit on account of foreign exchange fluctuation is income derived from exports under Section 10A of the Income Tax Act, 1961 (Act for short). The aforesaid Section is clear that the income which is eligible for deduction must be income derived by an undertaking from the expo .....

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..... ri Ram Honda (supra). Reliance placed by Mr. C.S. Aggarwal, Senior Advocate for the appellant on sub-Section 4 to Section 10A of the Act is misconceived and not apposite. Section 10A (4), as we perceive, is not applicable to the facts of the present case. The said sub-section is applicable when an assessee has domestic turnover/non-eligible turnover and also eligible export turnover. In such cas .....

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