TMI Blog2018 (9) TMI 606X X X X Extracts X X X X X X X X Extracts X X X X ..... course of assessment proceedings. This occurred at a point of time when there was no bar in such claims – the restriction was imposed by an amendment in the Finance Act, 2009 with retrospective effect from 01.04.2003. Consequently, the assessee was not barred from claiming the deduction, when the amounts were in fact received by it. - decided against revenue - ITA 717/2005 - - - Dated:- 5-9-2018 - MR. S. RAVINDRA BHAT AND MR. A.K. CHAWLA JJ. Appellant Through: Mr. Zoheb Hossain, Sr. Standing Counsel with Mr. Deepak Anand, Jr. Standing Counsel for the Revenue. Respondent Through: None. MR. S. RAVINDRA BHAT (OPEN COURT) 1. The following question of law was framed in relation to this appeal by the Revenue under Section 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sometime in 1990-91. 4. Upon appeal, the CIT granted relief to the assessee, who held as follows:- 2.4 I have carefully considered the facts of the case as per Circulars No.421 dated 12.6.1985 (1985) 156 ITR (ST) 148, Circular No. 563 dated 23.5.1990 and Circular No. 575 dated 31.8.1990 convertible foreign exchange includes amount received in same convertible rupees from bilateral account countries (e.g. Russian Rubles) and receipt of Indian Rupees under Government of India credit. The appellant received the money from the account in the previous year 1995-96 relevant to the A.Y. 1996-97 and the Assessing Officer held that since the appellant ismaintaining accounts on receipt/cash basis and the consideration for export was received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is. This amount has been taxed in the previous year in which it has been received. The Assessing Officer has also taxed the amount accordingly and his action has been confirmed by me. Since the amount has been received within the previous year for which income is being taxed and deduction is being claimed it cannot be said that the amount has not been received during the previous year during which the income is disclosed and deduction is claimed and because it requires an extention by the Commissioner of Income-tax since the amount was received during the previous year 1995-96 relevant to the A.Y. 1996-97 and it has also been taxed in that year, in my view, no extension is required as contemplated u/s 80 HHE (2). 5. The Revenue s appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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