SangsLegal News Gains obtained from foreign exchange fluctuations not deductible under Section 80HHC of the Income Tax Act; Supreme Court

The supreme court recently held that it is not permissible to consider the gains obtained from foreign exchange fluctuations as deductible under Section 80HHC of the Income Tax Act. As per this section, taxpayers are eligible for deductions on profits attained from the export of goods or merchandise.