TMI Blog2015 (8) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived in........ or brought into India by the assessee in convertible foreign exchange..." Thus it is the assessee who has to bring convertible foreign exchange in India out of its own export. If other parties are bringing convertible foreign exchange in India then it will not be the fulfillment of the conditions imposed by subjection (3). It is admitted position of facts that assessee is not in fact bringing convertible foreign exchange and entire of its products are sold in India in Indian rupees. Therefore, the assessee will not be entitled to exemption under section 10B. - Decided against assessee. - I.T.A. No.1521/AHD/2011 - - - Dated:- 6-2-2015 - Shri Shailendra kr. Yadav, J.M. Shri Anil Chaturvedi, A.M. For the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,53,93,099/- 2. The Learned AO erred in fact and in law in applying the amended provision of section 10B of the Act, despite the fact that the Appellant was entitled to exemption u/s 10B for AY 2000-01, the AY in which the amended provisions were made effective. 3. The learned AO erred in fact and in law in rejecting the claim of 100% EOU u/s 1 OB of the Act, on the ground that no exemption u/s 1 OB is available to the appellant as the entire sales are in domestic market and also the appellant has not received any sales proceeds in convertible foreign exchange. 4. The learned Assessing Officer erred in fact and in law in not allowing proportionate deduction u/s 10B amounting to ₹ 70,24,923/- on actual export made by the 100% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the year which also resulted in realization of foreign exchange. Subject to such verification, deduction u/s.10B may be allowed in respect of direct export sale, proceeds of which were realized in convertible foreign exchange as per conditions laid down in section 10B. 6. Aggrieved by the order of ld. CIT(A), Assessee is now in appeal before us. 7. Before us, in the written submissions it is submitted that identical issue was involved in A.Y. 2000-01 to 2007-08 before Hon ble Tribunal and the Hon ble ITAT vide order dated 13.08.2010 has decided the issue against the Assessee. The aforesaid order of Hon ble ITAT was also placed on record. The ld. D.R. on the other hand supported the order of A.O and ld. CIT(A). 8. We have heard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee who are given exemption for certain number of years prior to amendment in section 10B by Finance Act, 2000 then such assessee will be entitled to exemption after the amendment by Finance Act 2000 in respect of those years only which are still left unexpired as balance out of 10 years. Thus this proviso in fact restricts the allow ability of exemption for only unexpired period out of 10 years and thus disables the-assessee to start a fresh inning of 10 years after this amendment by Finance Act 2000, But that does not mean that conditions laid down in section 10B as brought in by Finance Act 2000 or by subsequent amendment in that section are not required to be satisfied by the assessee. The restriction imposed by the proviso is only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red to in this sub-section shall he deemed to have been received in India where such sale proceeds are credited to a separate account maintained for the purpose by the assessee with any bank outside India with the approval of the Reserve Bank oj India. Thus it has to be seen that assessee is bringing foreign exchange into India as a result of its export. The argument of the assessee is that other concerns to whom assessee has sold its product in India are bringing convertible foreign exchange in India through export of their product contained in the containers manufactured by the assessee. Thus products of the assessee in fact are exported by the other concerns and convertible foreign exchanges are brought by them into India. We are unable ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
