https://www.taxtmi.com/caselaws?id=763690 The Telangana HC ruled in favor of the assessee regarding deduction under Section 10A. The court held that when the Reserve Bank of India, as the competent authority under FEMA 1999, grants approval for export proceeds realized beyond six months from the previous year's end, the requirement of Section 10A(3) is satisfied. The Income Tax Appellate Tribunal failed to appreciate that RBI approval fulfilled the statutory requirement, entitling the assessee to Section 10A exemption. The HC followed the precedent in Morgan Stanley case and decided against the revenue department. en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 08:45:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763690 The Telangana HC ruled in favor of the assessee regarding deduction under Section 10A. The court held that when the Reserve Bank of India, as the competent authority under FEMA 1999, grants approval for export proceeds realized beyond six months from the previous year's end, the requirement of Section 10A(3) is satisfied. The Income Tax Appellate Tribunal failed to appreciate that RBI approval fulfilled the statutory requirement, entitling the assessee to Section 10A exemption. The HC followed the precedent in Morgan Stanley case and decided against the revenue department. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763690