TaxTMI 
TaxTMI 
2024 (12) TMI 1270
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....erred to as 'the Act') has been filed by the assessee. The subject matter of the appeal pertains to assessment year 2001-02. The appeal was admitted on following substantial question of law: "Whether the findings recorded by the Income Tax Appellate Tribunal is perverse as the same have been recorded in ignorance of the documentary evidence on record, namely the letter dated 22.12.2003 issued by Reserve Bank of India?" 3. Facts giving rise to filing of this appeal briefly stated are that the assessee filed the return of income for the assessment year 2001-02 on 30.10.2001 disclosing a total income of Rs.24,344/- along with report in Form 3CD as required under Section 44AB of the Act. The return was processed under Section 143(1) of the A....
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....me Tax Appellate Tribunal, Hyderabad Bench-B. The Income Tax Appellate Tribunal by an order dated 06.10.2006, inter alia held that the letter of Reserve Bank of India dated 28.04.2003 cannot be construed to be an order of the competent authority as provided under Section 10A(3) of the Act for permitting the assessee to receive the foreign exchange beyond a period of six months from the end of the previous year. The Income Tax Appellate Tribunal therefore set aside the order passed by the Commissioner of Income Tax (Appeals) IV and restored the order passed by the Assessing Officer. In the aforesaid factual background, this appeal has been filed by the assessee. 6. Learned counsel for the assessee submitted that the Income Tax Appellate Tri....
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....e, etc. (1) Subject to the provisions of this section, a deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles or things or computer software, as the case may be, shall be allowed from the total income of the assessee: Provided that where in computing the total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the Finance Act, 2000, the un....
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....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 authorised under any law for the time being in force for regulating payments and dealings in foreign exchange. Explanation 2.- The sale proceeds referred to in this sub-section shall be deemed to have been received in India where such sale proceeds are credited to a separate account maintained for the purpose by the assessee with any bank outside India with the approval of the Reserve Bank of India." 10. It is not in dispute that the Reserve Bank of India is the competent authority to grant extension of time as provided under Sect....
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....partial modification of the permission granted vide our letter No.4468 dated April 28, 2003, we advise that we have granted post-facto approval for extension of time for realisation of export proceeds for the export bills upto the dates of realisation as indicated hereunder : Sl. No. Softex Form No. Amount Regularised Dates of realization 1 AC 483956 US.$. 1,70,363.89 10.10.2002 2 AC 483597 US.$.1,00,477.10 27.12.2001 3 AC 483969 DM. 5,600.00 21.01.2002 4 AC 483967 US.$.16,365.00 04.10.2001 5 AC 483962 US.$.39,346.00 14.09.2001 12. Admittedly, the Reserve Bank of India is competent authority under Foreign Exchange Management Act, 1999, which regulates the payments and dealings in foreign exchange. Section 10A(3) of....