AI Drafter 
TaxTMI 
TaxTMI 
2016 (4) TMI 818
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.... deduction under sec. 10B of the Act on the ground that in preceding years, the issue of allowability of claim under sec. 10B of the Act was allowed therein ignoring that in income tax proceedings every assessment year is separate and distinct from other assessment years, hence, the principle of res-judicata does not apply. 3. Brief facts of the case are that the assessee is the hundred per cent Export Oriented Unit and has claimed deduction under sec. 10B of the Act, which resulted in filing NIL taxable income. The Assessing Officer observed that the assessee declared total profit of Rs. 84,52,249/- on gross turnover of Rs. 5,02,75,500/- and assessee claimed deduction of Rs. 66,79,007/- under sec. 10B of the Act. The Assessing Officer o....
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....tails required and filed by the appellant and held that the appellant company being fulfilled all the conditions laid down U/s10B of the Act, is eligible for deduction u/s.10B of the Act and allowed the deduction claimed in the return. Not only in this assessment year, but also in all the subsequent years i.e. upto the assessment year 2009-10, the issue of allowability of claim U/s.10B of the Act was examined by the A.O. while completing the assessments u/s.. 143(3) for all the years. From the assessment order it is seen that the status of the appellant is 100% EOU and the profit has been earned on the same activities carried out by the appellant during the earlier assessment i.e. since its incorporation. Further, the reasons given....
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....e Act. We are alive to the fact that in income tax assessment, principles of res-judicata are not applicable, but in the income tax proceedings consistency maintained on any issue, which has been decided and the decision should not be altered without there being change in the facts requiring it to do so. Hence, we find no infirmity in the order of the Commissioner of Income Tax (Appeals), which is confirmed and the ground of appeal of the Revenue is dismissed. 7. In ground No.2 of the appeal, the grievance of the Revenue is that the Commissioner of Income Tax (Appeals) erred in deleting the disallowance of deduction under sec. 10B of the Act amounting to Rs. 40,18,276/- without appreciating the fact that the assessee did not fulfil the c....
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....software exported out of India are received in, or brought into, India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or, within such further period as the competent authority may allow in this behalf. Explanation 1-For the purposes of this sub-section, the expression "competent authority" means the Reserve Bank of India or such other authority as is authorized under any law for the time being in force for regulating payments and dealings in foreign exchange." In this regard the assessee hereby submits that the time limit for the remittance of convertible foreign exchange of the Sale proceeds of computer software exported out of India has been extended to 12....
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.... S. No. Invoice Date Invoice Amount Date of repatriation. 1. 26/02/2010 11,78,865/- 08/11/2010 (Balance amount) 2. 31/03/2010 15,54,200/- 08/11/2010 3. 31/03/2010 22,57,000/- 08/11/2010 (Partial) 05/01/2011 (Balance) Total Amount 49,90,065/- As depicted in the above table, the convertible foreign exchange in respect of the 3 invoices has duly been received by the assessee within a period of 12 months from the end of the financial year. In view of the above, since the conditions laid down under Section 10B(3) in respect of Rs. 49,90,065/- has been duly fulfilled and the sum has been brought in convertible foreign exchange within the time stipulated by the Reserve....