TMI Blog2015 (10) TMI 1609X X X X Extracts X X X X X X X X Extracts X X X X ..... this conclusion. Further, as held in case of Tyco Electronics Corporation India P.Ltd. [2012 (7) TMI 64 - KARNATAKA HIGH COURT] the object behind this provision appears to be that once sale proceeds are received in India, though late and the authority vested with the power to extend the time, exercises this discretion, the assessee should be entitled to the benefit. As recorded by the CIT(A) the assessee has received the sale proceeds by 8th of September 2011. Therefore, the competent authority i.e. the bank has allowed the assessee to realize the sale proceeds. Therefore we hold that the export proceeds received after the expiry of the period of six months from the end of the relevant previous year is to be allowed as a deduction u/s 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e purpose of computation of deduction u/s 10A of the Act. He further observed that the assessee is eligible for deduction u/s 10A of the Act of ₹ 56,05,378/- only though the assessee has claimed an amount of ₹ 60,14,839/-. He observed that in Form 56F, the Auditor had stated that assessee had made an application to Standard Chartered Bank for extension of the time limit up to 18 months from the invoice date and that the approval is pending. The AO made enquiries with the concerned bank, who replied that the bank has not received any request from the assessee seeking extension for realization of export sales proceeds for financial year 2009-10. Assessee s explanation was called for to which assessee explained that the bank is aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revenues ground of appeal is rejected. 4. As regards the receipt of export receipts after the stipulated period of six months from the end of the relevant previous year or within the time allowed by the competent authority as per the provisions of sec.10A(3) of the Act, we find that the CIT(A) has upheld the disallowance and the assessee is in appeal before us. The learned counsel for the assessee submitted that the as per the provisions of sec.10A(3), the assessee is required to receive the export proceeds within a period of six months from the end of the relevant previous year or within time allowed by the competent authority and the competent authority is the RBI which has delegated such powers to the respective banks. He submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the said contention. Therefore, the first substantial question of law is answered in favour of the assessee and against the revenue. In the case before us, it is not disputed that the assessee had filed a letter before the bank for extension of time, and it is also not disputed that the bank cannot and did not take the said letter on record because the letter was not accompanied by Softex Forms. It is also undisputed fact that the assessee has filed necessary letters with details before the STPI authorities for issuance of Softex Forms and they were pending before the authorities. The AO has observed that the assessee did not pursue the matter with STPI authorities, but there is no positive evidence to come to this conclusion. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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