Bombay High Court Partially Allows Revenue's Appeal on Section 80IB Deduction for Export Incentives, Upholds Deduction for Exchange Rate Fluctuation. The Court held that duty drawback, export entitlement, and DEPB license are not profits derived from industrial undertaking under Section 80IB of the Income Tax Act, 1961, but exchange rate fluctuation on export proceeds is directly related to the sale transaction and eligible for deduction.
13 Jan 2010The appeal by the Commissioner of Income Tax arose from the Income Tax Appellate Tribunal's order dated 14 October 2008 for assessment year 2002-2003....
