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“convertible foreign exchange”

Chapter III - Incomes Not IncludedSection 10BSection 10B Explanation 2110 judgments

The decision most relied on for convertible foreign exchange is J.B. Boda & Co. (P.) Ltd. v. CBDT (223 ITR 271), cited in 21 judgments on BharatTax.

Leading authorities on convertible foreign exchange

J.B. Boda & Co. (P.) Ltd. v. CBDT
223 ITR 271 · 1997 · Supreme Court
21
citing judgments

The method of settlement of accounts is irrelevant in determining the true nature of a transaction for tax purposes. Export proceeds received in foreign exchange and utilized abroad are considered deemed receipts in India if properly reported.

CIT v. Electronic Controls & Discharge Systems (P) Ltd.
245 CTR 465 · 2011 · High Court
14
citing judgments

For the purpose of computing deduction under Section 10AA of the Income-tax Act, 1961, 'export turnover' does not solely include direct exports where the assessee brings foreign convertible exchange into India, and the principles applied to Section 10A may not be directly applicable due to differing definitions of 'export turnover'.

Sterling Agro Products Processing (P) Ltd. v. ACIT
48 SOT 80 · 2011 · ITAT
11
citing judgments

A business processing gherkins (cucumbers) into gherkin pickles, through various manufacturing processes, is entitled to deduction under Section 10B of the Income-tax Act, 1961.

Judgments citing convertible foreign exchange

Deputy Commissioner of Income Tax, Circle-2(1)(1), Bengaluru vs. Dell International Services India Pvt Ltd, Bengaluru

ITA 722/BANG/2024[2010-11]Status: DisposedITAT Bangalore31 Jul 2024AY 2010-11

Bench: Smt. Beena Pillai & Shri Waseem Ahmed

For Appellant: Smt. Mahima Goud, AdvocateFor Respondent: Shri D.K Mishra, CIT (DR)
Section 10ASection 10BSection 154Section 92CSection 92C(4)

proceeds of articles or things or computer software exported out of India are received in, or brought into India, by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or within such further period as the competent authority may allow ... this behalf". A perusal of sub-section (3) of section 10A transpires that the condition for bringing into India the requisite convertible foreign exchange within a period of six months from the end of the previous year is not be all end all of the issue. It also extends

Ibm Global Services India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-11(1), Bangalore

In the result, the appeal filed by the assessee stands allowed

ITA 3464/BANG/2004[2000-2001]Status: DisposedITAT Bangalore31 Jul 2024AY 2000-2001

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2000-2001

For Appellant: Shri Sharath Rao, CAFor Respondent: Shri D.K. Mishra, CIT-DR
Section 10ASection 10A(2)Section 10A(2)(ia)Section 142(1)Section 143(2)Section 143(3)

received in, or be, shall not apply in relation to any such brought into, India by the assessee in allowance or deduction; convertible foreign exchange, within a (ii) no loss referred to in sub-section (1) of period of six months from the end of the section ... notified by the Board, which is transmitted or exported from India to any place outside India by any means; (ii) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange

Corteva Agriscience Services India Private Limited, Hyderabad vs. DCIT, Circle-17(1), Hyderabad

In the result, the Ground No

ITA 253/HYD/2017[2011-12]Status: DisposedITAT Hyderabad23 Jul 2024AY 2011-12

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri Sandeep Bansal, CA and Shri Rohit Mittal, CAFor Respondent: : Shri Shakeer Ahamed, DR
Section 143(3)Section 144C(4)Section 92C

form No. 56F, the realization of export proceeds is required to be shown. In that form assessee has shown that full consideration in convertible foreign exchange for exports made by the undertaking was brought into in India ITA No.253/Hyd/2017 Page 18 within a period of 6 months from ... limit of bringing such consideration into India like section 10A(3) which provides for receipt of consideration or sale proceeds in India in convertible foreign exchange within a period of 6 months from the end of the previous year, or within such further period as the competent authority may allow

Climax Overseas Pvt. Ltd., Gurgaon vs. DCIT, Circle-3(1), New Delhi

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 7581/DEL/2017[2011-12]Status: DisposedITAT Delhi08 Jul 2024AY 2011-12

Bench: Shri Kul Bharat & Shri M. Balaganeshclimax Overseas Pvt. Ltd, Vs. Dcit, 152, Sector-3, Imt, Circle-3(1), Manesar, Gurgaon New Delhi (Appellant) (Respondent) Pan: Aabcc5665R

For Appellant: Shri Rakesh Kumar Khiwani, CAFor Respondent: Shri Vivek Kumar Upadhyay, Sr. DR
Section 10BSection 10B(2)Section 143(1)Section 143(3)Section 40Section 43BSection 68

stood violated by the assessee. Further, ld AO observed that the assessee had not received the expert proceeds in convertible foreign exchange within the specified time limit in AY 2006-07. Since, this was the recurring issue, in line with the decision taken by the ld AO in earlier ... would be eligible to the assessee automatically provided the export proceeds are received within the stipulated time and in convertible foreign exchange by the assessee. The assessee had furnished the chart of foreign remittances in support of its claim of deduction u/s 10B of the Act along with submission dated

Income Tax Officer 41(3)(1), Mumbai vs. Ajjay Agarwal (HUF), Mumbai

In the result, ITA No.4295/Mum/2023 of revenue is allowed for statistical purposes

ITA 4295/MUM/2023[2011-2012]Status: DisposedITAT Mumbai14 Jun 2024AY 2011-2012

Bench: Shri Anikesh Banerjee & Shri Gagan Goyal

For Appellant: Dr. K. ShivaramFor Respondent: Shri Ajay Chandra, CIT, DR
Section 10ASection 143Section 143(3)Section 250

proceeds of articles or things or computer software exported out of India are received in, or brought into, India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or, within such further period as the competent authority may allow ... notified by the Board, which is transmitted or exported from India to any place outside India by any means; (ii) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange

Sukhpal Singh Ahluwalia, Mumbai vs. ITO (International Taxation) Ward 1(1)(1), Mumbai

In the result, appeal of assessee is partly allowed

ITA 4139/MUM/2023[2019-20]Status: DisposedITAT Mumbai27 May 2024AY 2019-20

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Income Tax Officer Sukhpal Singh Ahluwalia (International Tax) Ward 6/24, Milan Building, 1(1)(1), 87, Tardeo Road, Room No.1817A, 18 Th Vs. Opp. Tardeo A C Market, Floor, Air India Building, Mumbai-400 034 Nariman Point, Mumbai-400 021 (Appellant) (Respondent) Pan No. Azupa6884D Assessee By : Shri Rashmikant C. Modi & Ms. Ketki Rajeshirke, Ars Revenue By : Shri Soumendu Kumar Sash, Dr Date Of Hearing: 18.04.2024 27.05.2024 Date Of Pronouncement :

For Appellant: Shri Rashmikant C. Modi &For Respondent: Shri Soumendu Kumar Sash, DR
Section 112Section 115CSection 143Section 144C(5)Section 254Section 45Section 48Section 74

applicable in case of the assessee who is a non-resident Indian purchasing shares in convertible foreign exchange for which provision of Chapter XIIA of the Act are applicable. Sukhpal Singh Ahluwalia; A.Y. 2019-20 iii. With respect to the set off of long-term capital loss, he submits that ... section 115 (b) foreign exchange asset means any specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible foreign exchange. Section 115 (d) defines long-term capital gains" means income chargeable under the head "Capital gains" relating to a capital asset, being a foreign exchange

ACIT Cir 4(2), Mumbai vs. M .M. Poonjiaji Spices Ltd, Mumbai

ITA 755/MUM/2012[B]Status: DisposedITAT Mumbai15 Apr 2024

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

DCIT., Cir.-4(2), Mumbai vs. M.M. Poonjiaji Spices Ltd, Mumbai

ITA 3409/MUM/2011[2007-08]Status: DisposedITAT Mumbai15 Apr 2024AY 2007-08

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

DCIT Cir 4(2), Mumbai vs. M.M. Poonjilaji Spices Ltd, Mumbai

ITA 5539/MUM/2009[2006-07]Status: DisposedITAT Mumbai15 Apr 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Dr. K. Shivaram, Sr. AdvFor Respondent: Shri Chetan M. Kacha, Sr. AR
Section 10BSection 143Section 144Section 145Section 147Section 148Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

Income Tax Officer 4(2)(4), Mumbai vs. M/S. M.M. Poonjiaji Spices Ltd., Mumbai

ITA 6523/MUM/2008[2005-2006]Status: DisposedITAT Mumbai15 Apr 2024AY 2005-2006

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

ITO - 4(2)(4), Mumbai vs. M/S. M.M. Poonjiaji Spices Ltd., Mumbai

ITA 4988/MUM/2008[2004-2005]Status: DisposedITAT Mumbai15 Apr 2024AY 2004-2005

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

ITO - 4(2)(4), Mumbai vs. M/S. M.M. Poonjiaji Spices Ltd., Mumbai

ITA 4987/MUM/2008[2002-2003]Status: DisposedITAT Mumbai15 Apr 2024AY 2002-2003

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

I.T.O-4(2)(4), Mumbai vs. M/S M.M.Poonjiaji Spices Ltd, Mumbai

ITA 2943/MUM/2008[2001-2002]Status: DisposedITAT Mumbai15 Apr 2024AY 2001-2002

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

ITO - 4(2)(2), Mumbai vs. M/S. M.M. Poonjiaji Spices Ltd., Mumbai

ITA 6537/MUM/2006[2003-2004]Status: DisposedITAT Mumbai15 Apr 2024AY 2003-2004

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

Section 10BSection 143Section 144Section 145Section 147Section 9

erred in holding that the sales proceeds of the articles exported out of India were received in India in convertible foreign exchange within the prescribed time inspite of non- production of realization certificates. 8. On the facts and in the circumstances and in law, the Ld.CIT(A) erred in deleting ... sufficient opportunity the assessee has failed to prove that the entire receipt of ₹ 18.79 crores were brought into India in the form of convertible foreign exchange within the period of six months or further. As extended. Therefore, the assessee is also not eligible for a deduction under section

Tata Elxsi Limited, Bangalore vs. Deputy Commisioner Incomer Tax, Circle-7(1)(1), Bangalore

Accordingly, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1152/BANG/2023[2018-19]Status: DisposedITAT Bangalore28 Feb 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2018-19 M/S. Tata Elxsi Ltd., The Deputy 126, Itpb Road, Commissioner Hoody, Of Income Tax, Whitefield, Circle – 7(1)(1), Bangalore – 560 048. Bangalore. Vs. Pan: Aaact7872Q Appellant Respondent

For Appellant: Shri Padam Chand Khincha, CAFor Respondent: Shri Subramanian .S, JCIT DR
Section 10ASection 10A(9)Section 250

rural development, to newly established industrial undertakings or hotel business in backward areas, small scale industrial undertakings, housing projects, export business, businesses earning convertible foreign exchange etc. It is in the aforesaid scheme, one has to consider whether deductions under 10. Section 80HH, which falls under Chapter

M/S. Tata Elxsi Limited, Bangalore vs. Deputy Commissioner Income Tax, Circle-7(1)(1), Bangalore

ITA 975/BANG/2023[2020-2021]Status: DisposedITAT Bangalore08 Jan 2024AY 2020-2021

Bench: Shri George George K. & Shri Chandra Poojari

Section 10ASection 30Section 80ASection 80HSection 80I

rural development, to newly established industrial undertakings or hotel business in backward areas, small scale industrial undertakings, housing projects, export business, businesses earning convertible foreign exchange etc. 10. It is in the aforesaid scheme, one has to consider whether deductions under Section 80HH, which falls under Chapter

M/S. Tata Elxsi Limited., Bangalore vs. Deputy Commissioner Income Tax, Circle-7(1)(1), Bangalore

In the result, all the appeals of the assessee are partly allowed for statistical purposes

ITA 927/BANG/2023[2016-17]Status: DisposedITAT Bangalore08 Jan 2024AY 2016-17

Bench: Shri George George K. & Shri Chandra Poojari

For Appellant: Shri Padam Chand Kincha, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 10ASection 30Section 80ASection 80H

rural development, to newly established industrial undertakings or hotel business in backward areas, small scale industrial undertakings, housing projects, export business, businesses earning convertible foreign exchange etc. It is in the aforesaid scheme, one has to consider whether deductions under 10. Section 80HH, which falls under Chapter

ACIT-24(1), Mumbai vs. M/S. H K Designs (India) LLP, Mumbai

The appeal of the assessee is allowed

ITA 2050/MUM/2023[2012-13]Status: DisposedITAT Mumbai09 Oct 2023AY 2012-13

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10A

newly acquired; not previously used for any purpose and the sale proceeds in respect of export turnover are received in India in convertible foreign exchange within the prescribed time. Accordingly, the assessee submitted that it is eligible for deduction under section 10AA. The Assessing Officer did not accept the submissions

DCIT, Circle-1, Kalyan vs. M/S Asb International Pvt Ltd, Mumbai

In the result the appeal of the revenue stand dismissed

ITA 1541/MUM/2023[2009-10]Status: DisposedITAT Mumbai27 Sept 2023AY 2009-10

Bench: Amarjit Singh & Shri Sandip Singh Karhaildcit, C-1,Kalyan Vs. M/S. Asb International 1St Floor, Mohan Plaza, Pvt. Ltd. Mayale Naar, E9, E44, Addl. Kalyan(W)- 421301 Ambernath, Industrial Area, Anand Nagar, Ambernath Thane-421506 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaaca8424F Appellant .. Respondent C.O. No. 65/Mum/2023 (A.Y. 2009-10)

For Appellant: Shri. Paras SavlaFor Respondent: Shri. Ajay Chandra
Section 10ASection 10BSection 143(3)Section 147Section 250

65/Mum/2023 AY 2009-10 ASSB International Pvt. Ltd. deduction in respect of depreciation for each of the relevant assessment year..... Explanation 2....... (ii) convertible foreign exchange' means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes

DCIT, Income Tax Circle-3(1)(2), International Taxation, Delhi vs. Siemens International Trading Ltd, Shanghai

In the result, appeal of the Revenue is dismissed

ITA 1783/DEL/2022[2017-18]Status: DisposedITAT Delhi26 Sept 2023AY 2017-18

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasadआ.अ.सं./ I.T.A No. 1783/Del/2022 िनधा"रणवष"/ Assessment Years: 2017-18 Siemens International Dcit, Trading Limited, बनाम Shanghai, Vs. Circle : 3 (1)(2) Rm 515, South Building, Sanlian Tower 2, International Taxation, Haujing Rd., Waigaoqiao Free Tradezone, New Delhi. Shanghai-2001301, China. Pan No. Aatcs6765Q अपीलाथ" / Appellant ""यथ" / Respondent

Section 143(3)Section 197Section 199

respect of the above scope of work is not chargeable to tax in India as the consideration would be paid by IRL in convertible foreign exchange directly into bank SITL outside India, SITL would not undertake any activities in India and hence revenue sent by SITL from such off shore