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Commissioner of Income Tax, Delhi Versus M/s. Vijay Mehta

2015 (8) TMI 659 - DELHI HIGH COURT

Deduction under Section 80HHC (2) - amounts realised in convertible foreign exchange after the specified period (i.e. within six months from the end of the previous year) - ITAT allowed claim - Held that:- Notwithstanding that there may not be any time limit as such prescribed for disposal of applications by the CIT in respect of a request made for extension of period within which the export proceeds have to be realised in convertible foreign exchange, on the facts of the present case there appe .....

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), the ITAT could have allowed the benefit thereunder beyond the period of 31.12.1991 when the Assessee himself applied for extension only upto that date? - Held that:- The court finds merit in the submission of Revenue that Assessee itself having sought permission for extension of time to realise the export proceeds in convertible foreign exchange only up to 31st December, 1991, the CIT (A) was not justified in extending the time beyond the 31st December, 1991. Further there appears to be no ju .....

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1. This appeal is directed against the order dated 18th May, 2001 of the Income Tax Appellate Tribunal ( ITAT ) in ITA No. 1072/DEL/95 for the Assessment Year ( AY ) 1991-92. By the order dated 06th January, 2004 this Court framed the following questions for determination:- "1. Whether the ITAT had not erred in law in allowing the deduction under Section 80 HHC (2) of the Income Tax Act, 1961 on the amounts realised in convertible foreign exchange after the specified period (i.e. within si .....

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ds in convertible foreign exchange beyond the period stipulated under Section 80 HHC(2) of the Act. It was pointed out that a number of the Assessee s foreign bills remained outstanding at the close of the accounting year ending on 31st March, 1991and therefore time should be extended to receive such payments after 31st December, 1991. 3. Admittedly, the above application was pending with the CIT and was not disposed of. 4. In the absence of the permission being granted by the CIT, the AO allowe .....

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x months from 1st October, 1991to 31st March, 1992. 5. In respect of the above order, a further application for rectification was filed by the Respondent Assessee on 23rd January, 1995 before the CIT (A) under Section 154 of the Act. The said application was allowed by order dated 20th February, 1995 and the direction was issued to the AO to grant the relief under Section 88HHC(2) on the amount realised by the Assessee in convertible foreign exchange within a period of 10 months from 01st Octobe .....

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