https://www.taxtmi.com/caselaws?id=369426 The Tribunal ruled in favor of the assessee, allowing the appeal and upholding the claim for exemption/deduction under section 10A of the Income Tax Act. The assessee, engaged in software development and IT services, was deemed eligible for the deduction despite receiving convertible foreign exchange after the initial six-month period, as long as the extended timeframe permitted by the Reserve Bank of India was adhered to. The Tribunal emphasized that compliance with the extended timeline set out in the Master Circular warranted the exemption, directing the Assessing Officer to verify the receipt of export proceeds within twelve months from the date of export. en-us Thu, 09 Aug 2018 00:00:00 +0530 Sat, 27 Oct 2018 07:51:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369426 The Tribunal ruled in favor of the assessee, allowing the appeal and upholding the claim for exemption/deduction under section 10A of the Income Tax Act. The assessee, engaged in software development and IT services, was deemed eligible for the deduction despite receiving convertible foreign exchange after the initial six-month period, as long as the extended timeframe permitted by the Reserve Bank of India was adhered to. The Tribunal emphasized that compliance with the extended timeline set out in the Master Circular warranted the exemption, directing the Assessing Officer to verify the receipt of export proceeds within twelve months from the date of export. Case-Laws Income Tax Thu, 09 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369426