TaxTMI 
TaxTMI 
2012 (10) TMI 18
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....the learned Commissioner (Appeals) in disallowing the deduction under section 80RR of the Income Tax Act, 1961 (for short "the Act") amounting to Rs. 16,74,600. 4. The relevant facts are that the assessee is an individual and is a playback singer. He claimed that on account of services rendered as a singer, he has received remuneration in foreign currency to the equivalent of a sum of Rs. 56,75,311. The Assessing Officer has stated that two encashment certificates from Wallstreet Finance Ltd. for Rs. 14,34,600 and Rs. 2,40,000, were not in Form 10H. Therefore, the Assessing Officer denied the claim under section 80RR, inter-alia, in respect of above two amounts. Being aggrieved, the assessee filed appeal before the first appellate author....
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....the assessee conceded that one of the certificates i.e., placed at Page-5 of Rs. 2,40,000, is in the name of assessee's son Mr. Rohan Kapoor. He further referred to Page-6 of the paper book and submitted that the RBI, vide its letter dated 16th June 2006, stated that certificate of encashment of foreign currency issued by FFNCs in Form-ECF and not in Form-10H. He also referred to page-7 of the paper book which is a copy of RBI's letter dated 31st October 1998, addressed to various dealers in foreign exchange / FFMCs / restricted money changers, inter-alia, confirming that encashment of foreign currency notes / travelers cheques, the certificate should be issued in Form no.ECF and not in Form 10H. The learned Counsel for the assessee submitt....
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....Act. However, the other certificate of Rs. 2,40,000, copy placed at Page-5 of the paper book, is not in the name of the assessee but is in the name of assessee's son and, therefore, the assessee cannot take benefit for deduction under section 80RR in respect of Rs. 2,40,000. Hence, we modify the orders of the authorities below by directing that the assessee be entitled for deduction under section 80RR, in respect of Rs. 14,34,600, and the same should be allowed subject to compliance of conditions of section 80RR of the Act. Hence, ground no.2, taken by the assessee is allowed in part restricting the claim of the assessee for deduction under section 80RR to Rs. 14,34,600, on the basis of the certificate issued by Wallstreet Finance Ltd. 1....
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....ther appeal before the Tribunal. 12. During the course of hearing, the learned Counsel for the assessee could not controvert the above facts, save and except, stating that the matter could be restored to the file of Assessing Officer as was done in the assessment year 2002-03. 13. On the other hand, the learned Departmental Representative submitted that the Assessing Officer as well as the learned Commissioner (Appeals) has disallowed the claim of interest after discussing the facts but in the earlier assessment year, the Tribunal restored the matter to the file of the learned Commissioner (Appeals) as there was no discussion in the orders of the authorities below. The learned Counsel for the assessee could not controvert the above su....