Section 80-IC deduction eligible on exchange rate fluctuation

Classic Binding Industries Vs DCIT (ITAT Chandigarh) Introduction: The case of Classic Binding Industries vs. DCIT (ITAT Chandigarh) centers around the challenge to the disallowance of the deduction claim under section 80-IC due to exchange rate fluctuation. The assessee contends that the fluctuation in foreign exchange rates is an integral part of income derived from eligible business, making it eligible for deduction under section 80-IC. Additionally, the case involves a dispute over the substantial expansion claim. Detailed Analysis: The assessee argues that the difference in foreign exchan...