Profits earned from forward contract not to be included in the profits of the business of the undertaking for computing deduction under Section 10B

Court :Bangalore bench of the Income-tax Appellate Tribunal Citation : ACIT Vs. K. Mohan & Co.(Exports) (P.) Ltd [2010] 130 TTJ 719 (Bang) Brief :Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ACIT v. K. Mohan & Co.(Exports) (P.) Ltd [2010] 130 TTJ 719 (Bang)  held that that profits earned from forward contracts cannot be included in the profits of the business of the undertaking for the purpose of computing deduction under Section 10B of the Income-tax Act, 1961(the Act) . Further the Tribunal held that the deduction permissible under the provision...