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2015 (2) TMI 570 - AT - Income TaxRevision u/s. 263 - setting aside the deduction u/s 10A as the assessee company did not produce the permission from the competent authority i.e., RBI for bringing the foreign exchange into India beyond 6 months from the date of export but within 12 months - Held that:- In the present case, the assessee-company has submitted a letter to the learned A.O. from HDFC Bank being the authorized dealer which clearly stated that they are authorized by RBI under sub section (1) of section 10 Foreign Exchange Management Act, 1999 (FEMA) as authorised person. Confirmation was provided by the authorized dealer i.e., HDFC Bank that the realisation and repatriation of the remittances of ₹ 15 crores was permitted by RBI under notification No.FEMA/25/2000-RB dated 3.5.2000 to be brought into India within 12 months from the date of export. The proceeds have been brought into India within extended time stipulated by RBI and hence, the issue is squarely covered by the decision of HCL EAI Services Ltd. vs. DCIT [2013 (11) TMI 772 - ITAT BANGALORE]. Further, as seen from the record the assessee has received the amount within the permitted period by the competent authority. Accordingly, the Order of Assessing Officer is not prejudicial to the interests of Revenue nor is erroneous. Therefore, the opinion expressed by the CIT is not correct and accordingly, the CIT does not have jurisdiction to initiate proceedings under section 263 - Decided in favour of assessee.
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