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2014 (5) TMI 710 - DELHI HIGH COURTPenalty u/s 271(1)(c) of the Act – Claim of exemption u/s 10B of the Act – Foreign exchange remittance – Held that:- The assessee’s submissions based upon the reading of the provisions of the Exim policy are of no assistance - the terms of the statute are clear and they do not allude to or refer to any external document or instrument or even other enactments, the admissibility of benefits in those external documents or enactments cannot automatically be used as aids of construction or read into the provisions of the controlling enactment - the reference to the exim policy or a pointed reference to admissibility of reliefs as are given in that policy u/s 10B, it would not be open to the assessee to claim that transactions, which are not exports in a strict sense of the term and in which the assessee does not receive foreign exchange remittance, be treated as such - The plain text of Section 10B particularly Section 10 B (3) exclude the possibility of a reasonable argument in this regard – the contention of the revenue is accepted that there is some relief to the assessee, to the extent that convertible foreign exchange may be received or brought into India by the assessee - the claim to Section 10B benefit was inaccurate – thus, the order of the Tribunal is upheld – Decided against Assessee.
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