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2013 (1) TMI 677 - ITAT MUMBAIPenalty u/s 271(1)(c) - excess deduction u/s 10A on account of unrealized export proceeds - Held that:- Assessee along with the return of income has filed its Audit Report and Form No. 56, intimating the realized and unrealized portions of export proceeds. Also found from the papers appended by the assessee in its APB that before the finalization of assessment for the current year, the assessee had realized substantial export proceeds and, dutifully, it was submitted before the AO, as to how much unrealized export proceeds have been received by it and for which unit. In these circumstances, since the assessee had made adequate disclosure in its return with respect to the unrealized export proceeds at the time of filing its ROI, no fault on the conduct of the assessee found. Thus respectfully following the decision in the case of DSL Software Ltd. (2012 (4) TMI 360 - ITAT DELHI) and the Circulars issued by the competent authority, i.e. RBI, with regard to receipt of export proceeds, and also the fact that the AO himself had dropped the penalty proceedings on same facts in the subsequent year penalty under section 271(1)(c) is not exigible in the instant case - in favour of assessee.
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