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Whether export sale proceeds received in accordance with and in terms of the contract and with the approval of Reserve Bank of India could be ignored for the purpose of relief under Section 80-HHC of the Act?

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Sec. 80HHC of Income Tax Act, 1961 - Deduction - Extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt subject to the foreign exchange coming into the country within the statutorily prescribed time period. Thus, export sale proceeds received in accordance with and in terms of the export contract and with approval of RBI could not be ignored for the purpose of relief under Section 80-HHC of the Act. - ISPAT PROJECTS LTD. V/s CIT - [2020] 272 TAXMAN 193 (CAL)

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