2017 (1) TMI 1299

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..... unna for Dr. Anita Sumanth, Advocate Respondent by : Shri Anurag Sahay, CIT ORDER Per N. R. S. Ganesan, Judicial Member This appeal of the assessee is directed against the order of the Assessing Officer, consequent to the directions of Dispute Resolution Panel dated 09.08.2012 and pertains to assessment year 2008-09. 2. The first issue arises for consideration is deduction claimed by the asse .....

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..... judgment of Madras High Court in Galaxy Granites (P.) Ltd. v. CIT (2012) 27 taxmann.com 31, according to the Ld. counsel, the unrealized export proceeds, if any, in foreign currency has to be included in the total turnover for computing deduction under Section 10A of the Act. Since the Assessing Officer has excluded the sale proceeds, which was not realized from the total turnover, according to th .....

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..... ow claims before this Tribunal that on the basis of very same analogy, for the purpose of allowing deduction under Section 10A of the Act, the unrealized sale proceeds should be included in the total turnover. As rightly submitted by the Ld. D.R., the Assessing Officer or the TPO had no occasion to consider this judgment of Madras High Court in Galaxy Granites (P.) Ltd. (supra). Therefore, this Tr .....

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