Exchange Rate Difference Of Exports Made In Earlier Year – Whether Part Of Export Turnover?

IN THE ITAT, SPECIAL BENCH `K’ MUMBAI ACIT v. Prakash L. Shah ITA No. 6349/Mum./2004 , August 22, 2008 RELEVANT EXTRACTS : 15. Section 80HHC(1) provides that where an assessee is engaged in the business of export out of India of any goods or merchandise to which this section applies, there shall be allowed deduction to the extent of profits derived from the export of such goods or merchandise in accordance with and subject to the provisions of this section. Sub-section (3) prescribes the method for computing the profits derived from export of eligible goods. This sub-section has been, ch...