India's forex reserves dip $462 million to $590.32 billion Nov 17, 2023, 05:19PM IST.
Such a course is impermissible,” the apex court said. The interpretation now suggested by the assessee would add one more source to the sources stated in Section 80 HHC of the Act. Through Section 80HHC (of the Income Tax Act), the Parliament restricted the deduction of profit from the assessee's export of goods/merchandise. “The policy behind the deductions of profits from the business of exports is to encourage and incentivise export trade. Exporters can’t claim deduction on profits from forex swings: Supreme Court Nov 22, 2023, 09:19PM IST.
