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TMI Blog2012 (8) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... r realisation of export proceeds and after receiving a reply from the RBI directing the assessee to approach the authorised dealer in this regard the assessee vide letter dated 06-11-2006 applied to ICICI Bank Ltd. for extension of time for realisation of export proceeds - Since in the instant case the AO has allowed deduction u/s.10A on the basis of the report of the Auditors as well as the various documents furnished before him, therefore the same is a possible view and cannot be termed as erroneous for invoking jurisdiction u/s. 263 by CIT(A)- in favour of assessee. - ITA NO. 716/PN/2011 - - - Dated:- 18-6-2012 - Shri Shailender Kumar Yadav, And Shri R.K. Panda, JJ. Appellant by : Sri R.D. Onkar Respondent by : V. Anandaraja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. NIL after allowing the claim of set off of brought forward business loss and depreciation for the assessment year 2003-04 and allowing deduction of Rs. 3,57,70,951/- u/s.10A of the I.T. Act. 3.1 Subsequently the learned CIT called for the records and noted that the AO erroneously allowed the claim of deduction u/s.10A amounting to Rs. 3,57,70,951/- which includes deduction of unrealised export, (i.e., deduction of export proceeds not brought into India) amounting to Rs. 93,88,653/-. He noted that in the Annexure-A to the Audit Report u/s.10A in Form No. 56F, the auditor has stated that approval from competent authority is pending till date of the report. Balance amount of foreign exchange of Rs.3,67,35,179/- is yet to be brought in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority is pending till date of the report. Balance amount of foreign exchange amounting to Rs. 3,67,35,179/- is yet to be brought into India. It has further been mentioned in the said report that pending approval from the RBI the unrealised amount is also considered for the purpose of getting exemption u/s.10A for assessment year 2006-07. Referring to copy of the Paper Book he submitted that during the course of assessment proceedings the assessee has furnished the following documents before the AO. Sr.No. Particulars Page No. From To 1 Copy of the letter received from the Reserve Bank of India (RBI) in reply to request of the assessee for extension of time for r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the formalities; and in response the RBI having taken the remittances on record, the non-issue of a formal letter for approval, in our view, cannot be held against the assessee for none of its faults. The assessee having applied for extension and the same having been impliedly granted in substance, the benefit of s.10A has got to be allowed to the assessee on the ground that the extension is deemed to have been granted. Once the assessee has completed all the formalities and the request of the assessee for extension of time not having been rejected, it can be presumed after a reasonable time that the extension has been granted. This view is supported by the decision of the jurisdictional High Court in the case of Lachman Chaturbhuj Java ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns cited before us. There is no dispute to the fact that the assessee has claimed deduction u/s.10A amounting to Rs. 3,57,70,951/- which includes deduction on unrealised export proceeds amounting to Rs. 93,88,653/-. There is also no dispute to the fact that the Auditors in Annexure-A to the Audit report u/s.10A in Form No. 56 have stated that approval from competent authority is pending till date of the report. Balance amount of foreign exchange of Rs. 3,67,35,179/-is yet to be brought into India. It has also been mentioned in the said report that pending approval from the RBI the unrealised amount is also considered for the purpose of getting exemption u/s.10A for the assessment year 2006-07. There is also no dispute to the fact that durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the purpose of section 10A. The AO and CIT(A) had denied the benefit of deduction u/s.10A but the Tribunal decided the issue in favour of the assessee. 11. Now coming to the facts of the case of the assessee we find there is no dispute to the fact that the assessee had applied to the RBI vide letter dated 11-09- 2006 requesting for extension of time for realisation of export proceeds. After receiving a reply from the RBI directing the assessee to approach the authorised dealer in this regard we find the assessee vide letter dated 06-11-2006 applied to ICICI Bank Ltd. for extension of time for realisation of export proceeds. Under these circumstances the case of the assessee, in our opinion, is some what similar to the case decided by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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