TaxTMI 
TaxTMI 
An 100% Export Orient Unit exports iron ore products directly to the buyer and also the company exports through third party[MMTC]and the company receives the sale proceeds in indian currencies. Whether Company can get Income Tax Benifit(Exemption)u\s 10(B). Please clarrify. If not what is the other step / fromalities to avail the income tax benifit.
Income Tax Benifit(Exemption)u\s 10(B)
18 Sep 2009 
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Export proceeds in convertible foreign exchange required for exemption; receipts in domestic currency disqualify eligibility.
Receipts of sale proceeds in Indian domestic currency preclude claiming the income tax exemption under section 10B; sub section (3) requires sale proceeds of exported goods to be received in, or brought into, India by the assessee in convertible foreign exchange within the statutory period, subject to extension by the competent authority. (AI Summary)
Receipts of sale proceeds in Indian domestic currency preclude claiming the income tax exemption under section 10B; sub section (3) requires sale proceeds of exported goods to be received in, or brought into, India by the assessee in convertible foreign exchange within the statutory period, subject to extension by the competent authority. (AI Summary)