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2013 (7) TMI 282 - ITAT MUMBAIExemption u/s 10A - STPI unit - Adjustment of payable in foreign exchange with sale proceeds - Held that:- Considering the situation involved as the assessee exported some material and against which the amount was receivable the assessee has also purchased certain goods from foreign parties and the payments were made to them in convertible foreign exchange. The assessee adjusted payable amount against receivable amount with the permission of Reserve Bank of India. Therefore, the payment receivable by the assessee has to be treated as received. The Hon'ble Supreme Court in J. B. Boda And Company Private Limited case [1996 (10) TMI 70 - SUPREME Court] has rightly observed that, 'a two-way traffic" is unnecessary i.e. first receive the amount and thereafter pay the amount. If the assessee has adjusted the receivable amount against payable amount, then the two-way traffic is avoided and the assessee has done this exercise, which is correct. Thus the assessee is entitled for deduction under Section 10A on the amount which was adjusted against the payable amount by the assessee. In favour of assessee. Disallowance debited to profit and loss account on account of donation - Held that:- No infirmity in the finding of the CIT(A) as nothing has been brought on record then how these expenses/deduction are allowable. Against assessee. Allowance of expenditure on stamp duty - Held that:- No infirmity in the finding of the CIT(A), who allowed the issue in favour of the assessee by ascertaining the factual matrix of the case and considered various case laws relied upon by the AR before him. In favour of assessee
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