https://www.taxtmi.com/caselaws?id=403153 The Court upheld the authorities' decision to restrict the deduction under section 10B of the Income Tax Act for the Assessment Year 2004-05. It was determined that the appellant did not obtain prior RBI approval, failed to bring the entire sale proceeds in convertible foreign exchange, and did not comply with the provisions of section 10B. The appellant's argument regarding the interpretation of "sale proceeds" was dismissed, and the Tribunal's decision was upheld based on principles from previous cases. The Tax Case Appeal was ultimately dismissed in favor of the authorities. en-us Mon, 18 Jan 2021 00:00:00 +0530 Wed, 03 Mar 2021 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403153 The Court upheld the authorities' decision to restrict the deduction under section 10B of the Income Tax Act for the Assessment Year 2004-05. It was determined that the appellant did not obtain prior RBI approval, failed to bring the entire sale proceeds in convertible foreign exchange, and did not comply with the provisions of section 10B. The appellant's argument regarding the interpretation of "sale proceeds" was dismissed, and the Tribunal's decision was upheld based on principles from previous cases. The Tax Case Appeal was ultimately dismissed in favor of the authorities. Case-Laws Income Tax Mon, 18 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403153