Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]

By Navasree A.M - On January 12, 2023 11:36 am - 2 mins read
Direct nexus - Manufacturing activity - Forex Gain - Export - Gujarat High Court - deduction - Income Tax Act - Income Tax - Tax - taxscan

Gujarat High Court chaired by Justice Sonia Gokhani and Justice Sandeep N Bhatt allowed deduction under section 80IC of Income Tax Act, 1961 as there is direct nexus between manufacturing activity and foreign exchange gain from export. The return of income for the A.Y. 2009- 10 was filed by the assessee declaring the total income…

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