9911796707
TMI Blog2012 (12) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... to verify the FIRCs and recompute the deduction u/s. 10A after considering the amounts realised within 12 month from the date of respective exports – In favor of assessee - ITA No.1614/Hyd/2010 - - - Dated:- 10-4-2012 - SHRI CHANDRA POOJARI, AND SMT. ASHA VIJAYARAGHAVAN, JJ. Appellant by: Shri M.S.Rao Respondent by: Shri Hiren Trivedi O R D E R Per Chandra Poojari, Accountant Member: This appeal is filed by the Revenue and it is directed against the order of the CIT(A) IV, Hyderabad dated 30.9.2010 for the assessment year 2006-07. 2. At the outset, we may note that there is a delay of two days in the filing of this appeal. The appellant has filed a petition seeking condonation of delay. Considering the smal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 10A of the Act. Explanation 1 provides that the competent authority means the RBI. As is revealed from the order of the CIT(A), the assessee has produced a Circular from the RBI allowing extension of time for bringing the sale proceeds in convertible foreign exchange. In view of the aforesaid factual position, in our opinion, the CIT(A) was justified in deleting the addition of Rs.55,63,523 made by the assessing officer. In view of the above, we dismiss the ground raised by the Revenue. Consistent with the above decision of the Tribunal in assessee s own case for the assessment year 2007-08, to which one of us, viz. Accountant Member is a party, we find that the sale proceeds in convertible foreign exchange brought into India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Exchange Received 21/02/07 54,980 24,16,370 12. Foreign Exchange Received 02/03/07 60,000 26,33,100 13. Foreign Exchange Received 26/03/07 1,99,975 85,66,926 14. Foreign Exchange Received 27/05/06 23,711 10,15,802 TOTAL AMOUNT RECEIVED 14,88,740 6,66,32,430 Gain due to forex fluctuation (2,19,739) TOTAL ELXPORT EARNINGS 14,88,740 6,64,12,691 By the impugned order of the assessment year 2006-07, the CIT(A) vide para 8 of his order directed the assessing officer to verify the FIRCs and recompute ..... X X X X Extracts X X X X X X X X Extracts X X X X
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