Deduction u/s 80IC Rs cannot be denied on Foreign Exchange Rate Fluctuations

BRIEF FACTS OF THE CASE AND QUESTION OF LAW Brief Facts: This appeal filed by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals) , Chandigarh dated 16.1.2012 relating to assessment year 2007-08. The assessee has claimed income of Rs.8,00,196/- on account of foreign exchange fluctuation.   The Assessing Officer did not allow deduction under section 80IC of the Income Tax Act, 1961 (in short ‘the Act’) on the income on account of foreign exchange fluctuation and the same was added to the taxable income of the assessee. On appeal, the learned CIT ...