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2012 (12) TMI 127 - AT - Income TaxDeduction u/s. 10A – Receipt of foreign exchange - Held that:- Section 10A(3) of the Act provides that the sale proceeds in convertible foreign exchange has to be brought into India within the period of six months from the end of the previous year or within the such further period as the competent authority may allow for availing the deduction under section 10A of the Act - Explanation 1 provides that the competent authority means the RBI - assessee has produced a Circular from the RBI allowing extension of time for bringing the sale proceeds in convertible foreign exchange - assessing officer directed to verify the FIRCs and recompute the deduction u/s. 10A after considering the amounts realised within 12 month from the date of respective exports – In favor of assessee
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