RBI/ECGC bonds issued to project exporters who have executed projects in Iraq--Applicability of the condition regarding bringing of convertible foreign exchange into India for availing of the tax incentive under section 80HHB
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Convertible foreign exchange recognition: RBI/ECGC settlement bonds treated as convertible foreign exchange for section 80HHB relief. RBI/ECGC bonds issued in settlement of unrealised claims of project exporters in Iraq will be treated as convertible foreign exchange for purposes of the tax incentive for profits from projects abroad because they substitute for funds realizable from Iraq and will be repatriated to India by EXIM Bank after lifting of U.N. sanctions; Chief Commissioner/Commissioner of Income tax may liberally allow extension of the six month period for bringing in convertible foreign exchange.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Convertible foreign exchange recognition: RBI/ECGC settlement bonds treated as convertible foreign exchange for section 80HHB relief.
RBI/ECGC bonds issued in settlement of unrealised claims of project exporters in Iraq will be treated as convertible foreign exchange for purposes of the tax incentive for profits from projects abroad because they substitute for funds realizable from Iraq and will be repatriated to India by EXIM Bank after lifting of U.N. sanctions; Chief Commissioner/Commissioner of Income tax may liberally allow extension of the six month period for bringing in convertible foreign exchange.
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