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SC: EEFC Forex Gains Not Eligible for Section 80 HHC Deduction - (23 Nov 2023)

DIRECT TAXATION

Supreme Court has held that gain on foreign exchange fluctuation in the EEFC (Exchange Earners Foreign Currency) account of the assessee can’t be included in the computation of deduction under profits of the business of the assessee under Section 80 HHC of Income Tax Act, 1961.

Tags : SUPREME COURT   FOREIGN EXCHANGE   GAIN   DEDUCTION  

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