9911796707
TMI Blog2012 (8) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... e receipt shall be the export proceeds only and not the advance amount received - addition made by the Assessing Officer was not in accordance with the accounting principles - 158 of 2011 - - - Dated:- 5-3-2012 - ARUN MISHRA, NARENDRA KUMAR JAIN-I, JJ. JUDGMENT Narendra Kumar Jain-I J.- Heard the learned counsel for the appellant. The Revenue has preferred this income-tax appeal under section 260A of the Income-tax Act, 1961, challenging the order dated January 22, 2010, passed by the Income-tax Appellate Tribunal (ITAT), Jaipur Bench "B", Jaipur, affirming the order of the Commissioner of Income-tax (Appeals)-II, Jaipur. The Assessing Officer, while going through the accounts of the assessee, noticed that a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... export sales shown to the said party was 3,80,916 US$ equivalent to Rs. 1,84,05,397 and it was also included the export sales of 35000 US$ in respect of invoice No. 12, dated August 26, 2002. Similarly, in the financial year 2003-04, the appellant has received 394779.72 US$ from the said party against which the export sales to the said party was of 352134.42 US$. However, the banker could not connect the advance amount received against the export sale through invoice No. 12 for 35000 US$ and informed the appellant the implication of the FEMA provisions. In order to avoid proceedings in the FEMA the appellant has again requested the said party to send 35000 US$ pending reconciliation at the level of bank to close the FEMA proceedings and ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Appellate Tribunal while rejecting the appeal of Revenue, vide judgment dated January 22, 2010, which is impugned in this appeal. Learned counsel for the appellant submitted that the Commissioner of Income-tax (Appeals) as well as the Income-tax Appellate Tribunal both committed an illegality in deleting the addition of Rs. 16,00,900, therefore, both the orders be set aside and the order of the Assessing Officer be restored. We have considered the submissions of the learned counsel for the appellant and examined the orders passed by the Tribunal as well as appellate authority and we find that the appellate authority as well as the Appellate Tribunal both have examined the matter in detail and by speaking order, directed to del ..... X X X X Extracts X X X X X X X X Extracts X X X X
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