Gain from foreign exchange fluctuation eligible for deduction u/s 80HHC

 Tribunal decision in the case of ITO Vs Gyani Exports as reported in 94 TTJ 557 wherein, it was held that gain from foreign exchange fluctuation as eligible for deduction u/s 80HHC. No contrary decision was brought to our notice by Ld. D.R. and hence, on this issue also, we decline to interfere in the order of Ld. CIT(A).

INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD

I.T.A. No.113 / Ahd/1999 – (Assessment year 1993-94)

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