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TMI Blog2015 (2) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal in the case of Kewalkumar Jain vs. ACIT, Circle-4, Pune (2013) 37 Taxmann.com 248 (Pune-Trib.) wherein it has been held as follows : "Assessment order passed in case of assessee was set aside by Commissioner in exercise of power under section 263. Against said revisional order, assessee filed instant appeal belatedly along with an application seeking condonation of delay. It was noted that assessee misconstrued law by assuming that since matter was remitted back to Assessing Officer, he could agitate consequential order to be passed by Assessing Officer in appeal proceedings before Commissioner (Appeals) only. Thus assessee entertained a belief that as original a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foreign exchange into India. The assessee did not receive the foreign exchange within the stipulated time u/s. 10A(3) and hence notice u/s. 263 of the Act was given on 29.12.2011 to the assessee to submit its objections. 5. In response, the company has filed written submissions on 17.01.2012. In the written submissions, the assessee relied on the circular No. 25 of Reserve Bank of India dated 01.11.2004, wherein it is stated that the competent authority can allow to realize and repatriate the full value of export proceeds within a period of 12 months from the date of the export . The assessee further submitted that sale proceeds were received within 7 months from the date of export and no specific approval from RBI is required. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer in allowing the deduction u/ s. 10A is erroneous and is prejudicial to the interests of revenue. The CIT further held that the assessment order u/s. 143(3) dated 24.12.2009 passed by the ACIT, Circle-16(1), Hyderabad is to be set aside for computation of deduction/s. 10A, de novo and the AO should give opportunity to the assessee for producing the permission from the Reserve Bank of India. Aggrieved, the assessee is in appeal before us and raised the following grounds of appeal: 1. The learned CIT is erroneous in law and on the facts of the case. 2. The Ld CIT is legally and factually incorrect in concluding that the assessee com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 8. The learned counsel for the assessee submitted that In the case of HCL EAI Services Ltd. vs DCIT [2013] 35 taxmann.com 146 (Bangalore Tribunal) the Tribunal held that where the amount of export proceeds were brought into India by the assessee within extended time permitted by RBI circular, such receipts should not be excluded from the export turnover and since the amount has been brought into India within the extended time permitted by RBI the same is eligible for exemption u/s. 10A. 9. In the alternative, the assessee has submitted as follows : "The total amount due from our Associated Enterprise Axil Inc for the financial year 2005-06 was USD 60,66,356/-. Out of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the approval of the Reserve Bank of India". Therefore, as per the Explanation given supra the assessee is eligible for exemption. This fact of having received the export proceeds within 6 months is a bank outside India was not brought to the notice of the learned CIT at the time of assessment u/s 263 nor was it brought to the notice of the Assessing Officer during assessment proceedings in the light of order u/s. 263 of the IT Act, 1961". 10. The learned DR fairly conceded that the issue under dispute is covered in favour of the assessee. 11. We have heard both the parties and perused the material on record. We find similar issue has come before the Bangalore Bench "A" of the Tribunal in the case of HCL EAI Services Ltd. vs. DCIT, Cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly 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 Rs. 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 Coordinate Bench of the Tribunal. Further, as seen from the record the assessee has received the amount within the permitted period by the competent authority. Accordingly, the Ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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