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2021 (7) TMI 950 - AT - Income TaxComputation of deduction u/s 10A - Belated receipt of foreign remittances on account of export sales to be included in the export turnover for the purposes of computing deduction - HELD THAT:- The criteria required by the statute is that the sale proceeds are to be received in convertible foreign exchange in India for being eligible to be considered for the purposes of claiming deduction under section 10 A. In the present facts of the case, we note that, there is no dispute whatsoever regarding receipt of the sale proceeds in convertible foreign exchange were received by assessee, though belatedly. The only reason for not considering the alleged amount while computing deduction under section 10A of the Act was that, such amount was received belatedly beyond the period of six (6) months mentioned in the statute, and application for extension of time for receiving such foreign remittances have been filed with the authorized bankers and the applications were not been rejected. The facts of the case in hand is similar to the aforesaid case of Wipro Ltd.[2015 (10) TMI 826 - KARNATAKA HIGH COURT] - Thus following it we hold that notwithstanding the fact that there is no express order granting approval by the authorized bankers extending the time limit of six (6) months for receipt of foreign remittances on account of export sales, the assessee is entitled to the benefit of deduction under section 10A of the Act and consequently direct AO that such amounts, though realized belatedly, shall be included in the export turnover for the purposes of computing deduction under section 10A of the Act - Decided in favour of assessee.
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