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TMI Blog2015 (8) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... 2001 of the Income Tax Appellate Tribunal ('ITAT') in ITA No. 1072/DEL/95 for the Assessment Year ('AY') 1991-92. By the order dated 06th January, 2004 this Court framed the following questions for determination:- "1. Whether the ITAT had not erred in law in allowing the deduction under Section 80 HHC (2) of the Income Tax Act, 1961 on the amounts realised in convertible foreign exchange after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be extended to receive such payments after 31st December, 1991. 3. Admittedly, the above application was pending with the CIT and was not disposed of. 4. In the absence of the permission being granted by the CIT, the AO allowed the 80 HHC (2) only the extent of the export proceeds recovered up to 30th September, 1991. By order dated 14th November, 1994 the CIT (A) held that since CIT had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of 10 months from 01st October, 1991 to 31st March, 1992. 6. Having heard learned counsel for the Appellant and having examined Section 80 HHC(2), the Court is of the view that notwithstanding that there may not be any time limit as such prescribed for disposal of applications by the CIT in respect of a request made for extension of period within which the export proceeds have to be realis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ission for extension of time to realise the export proceeds in convertible foreign exchange only up to 31st December, 1991, the CIT (A) was not justified in extending the time beyond the 31st December, 1991. Further there appears to be no justification to the CIT (A) to further extend the time to within a period of 10 months from 1st October, 1991 to 31st July, 1992. 10. Consequently, the Court a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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