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TMI Blog2011 (8) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... d the period of six months from the end of relevant assessment year and there was no specific extension of time granted by the Competent Authority under section 10A(3) of the Income-tax Act, 1961." The appeal is admitted on the above question and by consent taken up for final hearing. 2. The assessment year involved herein is assessment year 2004-05. 3. In the present case, admittedly the export proceeds amounting to Rs. 2.20 crores has not been received within six months from the end of the relevant assessment year. As the exports were effected prior to 31st March 2004, the export proceeds ought to have been realized by 30th September 2004 for availing deduction under section 10A of the Act unless extension was obtained from the Compete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... realization of USD 504031 through the following invoices raised by the above company : Invoice Number Date Amount (USD) Date of Realization Amount (USD) GKC/2003-04/3 27-09-2004 130,453 29-09-2004 01-12-2004 11,657.00 118,796.00 GKC/2003-04/5 27-09-2004 385,235 01-12-2004 385,235.00 NOTE : This communication is issued from the foreign exchange angle under the provisions of FEMA and should not be construed to convey the approval by any other statutory authority or Government under any other laws/regulations. If further approval or permission is required from any other regulatory authority or Government under the relevant laws/regulations, the applicant should take the approval of the concerned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007 no doubt records that the approval granted by the Reserve Bank of India is under FEMA and the said approval should not be construed as approval by any other Authority or Government under any other laws/regulations. The question is, whether the extension of time for realisation of the export proceeds by the Competent Authority under FEMA can be said to be the approval granted by the Competent Authority under section 10A(3) of the Income-tax Act, 1961. 8. Explanation 1 to section 10A(3) clearly provides that the expression 'Competent Authority' in section 10A means the Reserve Bank of India or such other Authority as is authorized under any law for the time being in force for regulating payments and dealings in foreign exchange. Admitte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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