Case Law Details
Case Name : CIT Vs. Shah Originals (Bombay High Court)
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All High Courts Bombay High Court
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CIT Vs. Shah Originals (Bombay High Court)
The assessee, an exporter, claimed deduction u/s 80HHC on account of foreign exchange fluctuation and interest in the EEFC account on the ground that it was part of business income and arose from exports. The AO & CIT (A) rejected the claim though the Tribunal allowed it. On appeal by the Revenue, HELD reversing the Tribunal:
(i) S. 80HHC allows a deduction in respect of the profits “derived” from exports. The term ‘derive
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