2011 (7) TMI 526

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....he basis of the judgment of the Hon'ble Supreme Court in the case of J.B. Boda and Co. vs. CBDT reported in 223 ITR 271 despite the fact that the said judgment was rendered in the context of Section 80-O of the Act as it stood in the A/Y 1984-85 and 1985-86?   2. Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in mis-interpreting the provisions of Subsection (3) of Section 10-A/10-B of the Act, which makes it mandatory to bring in India all the sale proceeds of articles or things in convertible foreign exchange with the stipulated period?   3. Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in coming to the conclusion that the provisions of S....

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....quired to repatriate and credit entire sale proceeds in a bank account. According to the Assessing Officer, whereas total sale proceeds amounted to Rs.9,12,73,602/- assessee has shown a credit of only Rs.1,27,65,693/- as reflected on page 7 of the Assessing Officer's order. The case of the assessee was that it credited net proceeds for which exemption u/s 10 A was claimed whereas the case of Assessing Officer is that the assessee ought to have credited in Indian Ruees entire sale proceeds of 9.12 crores. The assessee referred to the decision of Hon'ble Supreme Court in the case of J.B. Boda and Co. (P) Ltd vs. CBDT, 223 ITR 271, according to which, if net proceeds are received in foreign exchange and credited then assessee would not be dise....

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.... undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year, relevant to the previous year in which the undertaking begins to manufacture or produce such articles or things or computer software, as the case may, shall be allowed from the total income of assessment. The deductions, he submits, depend upon the provisions of sub-section (3) of Section 10- A of the Act.   Sub Section (3) of Section 10-A of the Act and its explanation provides that:-   "(3) This section applies to the undertaking, if the sale proceeds of articles or things or computer software exported out of India are received in, or brought into, India by the assessee in....

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.... by the Supreme Court in J.B. Boda's case (supra), under Section 80 (O) of the Act, which in our opinion is equally applicable to Section 10 A of the Act as follows:-   "The facts brought out in this case are clear as to how the remittance to the foreign reinsurance company is made through the Reserve Bank of India in conformity with the agreement between the appellant and the foreign reinsurers, and that the remittance statement filed along with annexure "A" which evidences that the amount due to the foreign reinsurers as also the brokerage due to the appellant and the balance due to the foreign reinsurers is remitted (and expressed so) in dollars. It is common ground that the entire transaction effected through the medium of the Res....