2021 (7) TMI 950

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.... this Tribunal by virtue of order dated 16/03/2021 passed in miscellaneous petition No. 10-11/B/2021. It has been submitted by the Ld.AR that ITA No. 2815 for assessment year 2008-09 has been wrongly listed as it does not arise out of the order dated 16/03/2021 passed in the miscellaneous petition refer to herein above. 2.2 The Ld.AR submitted that Ground No.1 in assessee's appeal pertains to the issue that has been recalled by order dated 16/03/2021 passed in miscellaneous petition refer to herein above by observing as under: "12............... In the instant case, it is a case of incorrect understanding of facts. Accordingly, we find merit in the contentions of Ld.A.R that incorrect appreciation of facts and consideration of f....

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....the purposes of computing deduction u/s 10A. 1.2 That the CIT(A) has failed to appreciate that it is settled law that if no communication is received to a request made to a statutory authority or its nominee, the request is deemed to be allowed. The CIT(A) has erred in not realizing that even if no explicit approvals were received from the RBI/ Authorized Dealer, it has to be read as implicit approval since no communication has been forthcoming. In light of the implicit approval, the CT(A) has erred in upholding the exclusion from export proceeds on the ground of non-realization. ITA No.2831/Bang/2013 1. That the CIT(A) has erred on facts and in law in upholding the order of the Assessing Officer disallowing deduc....

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....ad filed its return of income during the year under consideration. At assessee claimed exemption under 10 A of the Act on total export turnover pertaining to the relevant assessment years. During the assessment proceedings the Ld.AO observed that, out of export sales, certain amounts were not received in foreign exchange within the prescribed time. The Ld.AO excluded such sum from the export turnover for the purposes of computing deduction under section 10A of the Act. The Ld.AR referred to para 3.6 at page 19 of the assessment order for assessment year 2008-09 and para 3.21 at page 22 of the assessment order for assessment year 2009-10. 2.1 The Ld.AR submitted that, this amount was excluded from the export turnover only on the gro....

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....erused submissions advanced by both sides in light of records placed before us. 3.1 Hon'ble Karnataka High Court on and identical issue observed as under is in the case of Wipro Ltd., (Supra) "146. The facts are not in dispute. The assessee is a status holder exporter. The export has been done strictly in accordance with law. Foreign exchange remittances should have been received within six months from and of the financial year. It has not been received. Therefore, an application is filed seeking for extension of time to the Reserve Bank of India. Even to this day the Reserve Bank of India has not rejected the said request. On the contrary, after the period of 6 months, foreign exchange remittances are received....

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....tled to the benefit. In that view of the matter, the tribunal was justified in setting aside the order of the appellate Commissioner as well as the assessing officer and in extending the said benefit. It is in consonance with the express words used in the statute. Therefore, we do not find any substance in the said contention. Therefore, the 1st substantial question of law is answered in favour of the assessee and against the revenue." 3.3 We note that the above observation by Hon'ble jurisdictional High Court is in no way against the assessee. The criteria required by the statute is that the sale proceeds are to be received in convertible foreign exchange in India for being eligible to be considered for the purposes of claiming deductio....