https://www.taxtmi.com/caselaws?id=352074 The Tribunal held that the assessee, a software development company, was not eligible for a deduction under section 10A of the Income Tax Act as the export sales proceeds were not received in convertible foreign exchange. Despite the conversion into equity shares approved by the RBI, the Tribunal emphasized the mandatory requirement of receiving sale proceeds in convertible foreign exchange for claiming the deduction. The Tribunal set aside the CIT(A)'s decision and upheld the Assessing Officer's disallowance, allowing the Revenue's appeal and dismissing the Cross Objection filed by the assessee. en-us Fri, 09 Jun 2017 00:00:00 +0530 Thu, 07 Dec 2017 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352074 The Tribunal held that the assessee, a software development company, was not eligible for a deduction under section 10A of the Income Tax Act as the export sales proceeds were not received in convertible foreign exchange. Despite the conversion into equity shares approved by the RBI, the Tribunal emphasized the mandatory requirement of receiving sale proceeds in convertible foreign exchange for claiming the deduction. The Tribunal set aside the CIT(A)'s decision and upheld the Assessing Officer's disallowance, allowing the Revenue's appeal and dismissing the Cross Objection filed by the assessee. Case-Laws Income Tax Fri, 09 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352074