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2018 (10) TMI 1392 - ITAT AHMEDABADExemption/deduction u/s 10A - sale proceeds of convertible foreign exchange as received or brought into India after six months from the end of the financial year but within the extended period allowed by the competent authority namely RBI in terms of Master Circular of general nature - Held that:- Sale proceeds of convertible foreign exchange have been received or brought into India after six months from the end of the financial year but within the extended period allowed by the competent authority namely RBI in terms of Master Circular of general nature. A perusal of the Master Circular clearly shows that the competent authority has extended the period of obligation cast upon the exporters to receive and bring convertible foreign exchange in India within twelve months from the date of export. Thus, deduction under s.10A of the Act cannot be denied where the extended parameters for realization of export proceeds as set out by the competent authority has been duly met. Therefore, the claim of the assessee towards exemption/deduction under s.10A of the Act requires to be upheld on first principles. However, it will be open to the AO to verify whether the export proceeds have been received within twelve months from the date of export in tune with Master Circular. The issue is therefore resolved in favour of the assessee on principles. Appeal of the assessee is allowed for statistical purposes.
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