9911796707
TMI Blog2011 (1) TMI 1555X X X X Extracts X X X X X X X X Extracts X X X X ..... CIAL 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 fluctuation of ₹ 81,90,200/- 1.1 The ld.CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 ₹ 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(Appeals) allowed deduction on the same. We find th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctuation 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 of exports and thereby earned exchange fluctuation g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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