High Court Denies Exemption Claim Due to Late Receipt of Convertible Foreign Exchange u/s 10B for 2004-05.

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....Exemption u/s 10B - failure to receive the convertible foreign exchange within the stipulated period - Since the appellant had sought for the approval from the RBI only in the year 2007, the said correspondence shall not be helpful to the appellant in any manner whatsoever for the reason that the subject matter of the appeal is pertaining to the assessment year 2004-05. Explanations 1 and 2 to section 10B(3) are applicable to the case on hand. - HC....