Section 80HHC Exchange Rate Fluctuations is Export Turnover 

J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court) The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ? In the present case, A.O. has rejected the deduction u/s 80-HHC with the view that addition amount received will not be considered as export turnover. As per A.O., after receiving the full amount from Allahabad Bank in Indian rupees, the chapter stood closed and any subse...