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2015 (10) TMI 1609 - ITAT BANGALORE

2015 (10) TMI 1609 - ITAT BANGALORE - TMI - Entitlement to exemption u/s 10A - Held that:- 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 b .....

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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 10A of the Act - Decided in favour of assessee. - ITA No. 1364/Bang/2014, ITA No. 1464/B .....

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its return of income for the assessment year 2010-11 on 29/09/2010 admitting total income of ₹ 5,53,753/- after claiming exemption u/s 10A of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short] amounting to ₹ 60,14,839/-. During the assessment proceedings u/s 143(3) of the Act, the Assessing Officer (AO) observed that the assessee has incurred certain expenditure on account of communication expenses and having regard to Explanation 2, clause (iv) to sec .....

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n 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 .....

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therefore assessee has not fulfilled the requisite conditions and therefore the same is not allowable as deduction u/s 10A of the Act. He, accordingly, disallowed a sum of ₹ 60,14,839/-. 3. Aggrieved, the assessee preferred an appeal before the CIT(A) who partly allowed the same and both the assessee as well as the revenue are in appeal before us. As regards deduction of communication expenses from the export turnover for the purpose of computation of deduction u/s 10A of the Act is concer .....

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as been followed by the CIT(A). In view of the same, we do not see any reason to interfere with the order of the CIT(A) and the 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 lear .....

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ore the same has to be allowed for the purpose of deduction u/s 10A of the Act. In support of his contention, the learned counsel for the assessee has placed reliance upon the decision of the jurisdictional High Court in the case of CIT vs. Tyco Electronics Corporation India P.Ltd. (2012) 22 Taxman.com 267(Kar.). The learned Departmental Representative, on the other hand, supported the orders of the authorities below. 5. Having regard to the rival contentions and the material on record, we find .....

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extend the time, exercises the discretion, the assessee should be entitled to the benefit. In that view of the mater, the Tribunal was justified in setting aside the order of the Appellate Commissioner as well as the Assessing Officer and in extending the said benefit. It is in consonance with the express words used in the statute. Therefore, we do not find any substance in the said contention. Therefore, the first substantial question of law is answered in favour of the assessee and against th .....

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