Foreign Exchange Fluctuations have direct Nexus over Export Sales, would be Eligible for Deduction u/s 10A of Income Tax Act: ITAT [Read Order]

The foreign exchange fluctuations are having direct nexus over the export sales of the assessee and would be eligible for deduction under Section 10A of the Income Tax Act, 1961
ITAT - Income Tax Act - Income Tax Appellate Tribunal - ITAT delhi - Foreign Exchange - Income Tax - taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that foreign exchange fluctuations have direct nexus over export sales and would be eligible for deduction under Section 10A of the Income Tax Act, 1961. The AO had held that foreign exchange and forward contract gain of Rs. 14.48 crores and Rs….

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