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2011 (8) TMI 279 - BOMBAY HIGH COURTDeduction under section 10A - export proceeds has not been received within six months from the end of the relevant assessment year - the Reserve Bank of India which is the Competent Authority under FEMA as also under section 10A of the Income-tax Act, 1961 has neither declined nor rejected the application made by the assessee seeking extension of time under section 10A of the Act - Therefore, the decision of the Income-tax Appellate Tribunal in holding that the approval granted under FEMA constitutes a deemed approval granted by the Reserve Bank of India under section 10A(3) of the Act cannot be faulted - the assessee was entitled to the deduction under section 10A of the Income-tax Act, 1961 in respect of the export proceeds realised till December, 2004 for which approval has been granted by the competent authority under FEMA, namely the RBI - Decided in favour of assessee.
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