2014 (8) TMI 525

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....oginder Singh, JM: The Revenue is aggrieved by the impugned order dated 31.10.2012 passed by the ld. CIT(A), New Delhi. The assessee has also preferred Cross Objection. 2. First we shall take up the appeal of the Revenue wherein the first ground raised pertains to inclusion of Duty drawback in Export Sale of the assessee while calculating deduction u/s 10B of the Act. During hearing the ld. ....

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....he Audit Report and also certificate from Auditor for claiming of exemption u/s 10B. The assessee filed the Audit Report duly certified by the Auditor. On perusal of details, the ld. Assessing Officer observed that the amount of Rs. 91,70,681/-, pertaining to 16 invoices was not received within a period of 6 months from the end of the relevant previous year. The assessee was asked to explain as to....

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...., claimed exemption u/s 10B of the Act at Rs. 118,56,546/-. The denial of exemption by the Assessing Officer was that the amount of Rs. 91,70,681/- received in the form foreign remittance was not realized within a period of 6 months from the end of the relevant previous year and also the assessee did not apply for extension of time beyond 30.9.2009 as per Circular No. 25/2004. The assessee was per....

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....date of export. Since, the assessee received a sum of Rs. 14,31,796/- out of Rs. 31,84,755/- within one year from the date of exports, thus, the deduction relating to the amount of Rs. 14,31,796/- cannot be disallowed. The amount of Duty drawback either is to be included in both total turnover as well as export turnover or to be excluded from both. If the figures of export turnover and total turno....