Deduction u/s 80HHC not available on profits earned on account of foreign exchange fluctuation

Shah Originals Vs CIT (Supreme Court of India) Supreme Court held that profits earned on account of foreign exchange fluctuation cannot be included/ treated as derived from the business of export income. Accordingly, deduction under section 80HHC of the Income Tax Act not available. Facts- The assessee is a 100% Export-Oriented Unit (EOU). The assessee reflected export turnover at Rs. 8,27,15,688/-. The said turnover included an amount of Rs. 26,62,927/- being gains on accounts of foreign currency fluctuations. The assessee treated the earning from foreign currency as income earned by the as...