COMMISSIONER OF INCOME TAX Vs. AMBER EXPORTS (INDIA)

JUDGEMENT

(1.) The substantial question of law as framed in the appeal memo is as 1 follows:

(2.) The above question has been answered by the Gujarat High Court in the case of CIT v. Amba Impex,2006 282 ITR 144. The Gujarat High Court has observed as under (headnote):

(3.) On the aforesaid reasoning the Gujarat High Court accepted the contention that the amount received by way of exchange rate fluctuation cannot be considered to be "any other receipt" as stipulated in Clause (bba) of the Explanation to Section 80HHC(4C). The reasoning is that once the Legislature has provided for treating a receipt within a period of six months after the end of the previous year or within further extended period, as sale proceeds relatable to exports, it would not be open to the revenue to raise such a contention. We respectfully concur with the findings of the Gujarat High Court.