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2020 (5) TMI 411 - HC - Income TaxDeduction u/s 80HHC - export sale proceeds received in accordance with and in terms of the export contract and with approval of RBI inclusion - HELD THAT:- Extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt subject to the foreign exchange coming into the country within the statutorily prescribed time period. We are also of the view that export sale proceeds received in accordance with and in terms of the export contract and with approval of RBI could not be ignored for the purpose of relief under Section 80-HHC of the said Act. The questions of law on which the instant appeal was admitted are answered accordingly. Grounds on which the CIT and the learned Tribunal rejected the appellant’s claim are not tenable in law. With regard to the appellant’s alternative contention for treatment of the amount in question as export turnover for the assessment year 1993-94 and 1994-95, both the CIT and the learned Tribunal held that the receipt was brought into India long after the end of the previous year relevant to the assessment year 1994-95 and such belated receipt had not been authorized by the Commissioner/Chief Commissioner. The fact remains that the appellant’s application before the Commissioner was never taken up for consideration and disposal. Ends of justice will be served if the matter is remanded to the learned Tribunal for fresh consideration taking into account the subsequent development including the order of the RBI stated to have been passed on June 11, 2005 and also in light of the observations made in this judgment. In the result, the appeal succeeds. The order under appeal is set aside. The matter is remanded to the learned Tribunal for fresh consideration
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