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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

Pentasoft Technologies Ltd., Chennai vs. ITO (OSD), Chennai

In the result, appeal filed by the Revenue in ITA No

ITA 1158/CHNY/2011[2001-02]Status: DisposedITAT Chennai16 Nov 2022AY 2001-02

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1158/Chny/2011 िनधा"रण वष" /Assessment Year: 2001-02 M/S.Pentasoft Technologies Ltd., V. The Ito (Osd)/The Acit, No.1, First Main Road, Company Circle-V(2), United India Colony, Chennai. Kodambakkam, Chennai – 600 024. [Pan: Aaacp 1895 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.I. Dinesh, AdvFor Respondent: Dr.S.Palanikumar, CIT

expenditures proportionately. In the next paragraph, he had considered only Rs.70,10,93,076 as Export turnover (ETO) that was brought in as convertible foreign exchange into country as per section 10A(3) of the IT Act. As per the original assessment order the deduction of 10A allowed

M/S Dell International Services India Private Limited, Bangalore vs. Joint Commissioner of Income Tax Ltu, Bangalore

In the result, the appeals of the assessee and the revenue are partly allowed

ITA 932/BANG/2017[2012-13]Status: DisposedITAT Bangalore14 Nov 2022AY 2012-13

Bench: Smt. Beena Pillai & Ms. Padmavathy Sit(Tp)A No.844/Bang/2017 Assessment Year : 2012-13 The Joint Vs. M/S.Dell International Services India Commissioner Of Private Limited, Income Tax, Ltu, (For The Merged Entity Dell India Bangalore. Private Limited), No.12/1, 12/2A, 13/1A, Divyashree Gardens, Challagutta Village, Varthur Hobli, Bangalore – 560 071. Pan : Aaach1925Q Appellant Respondent It(Tp)A No.932/Bang/2017 Assessment Year : 2012-13 M/S.Dell International Services Vs. The Joint Commissioner India Private Limited, Of Income Tax, Ltu, (For The Merged Entity Dell India Bangalore. Private Limited), Bangalore – 560 071. Pan : Aaach1925Q Appellant Respondent Revenue By : Shri Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Assessee By : Shri T. Suryanarayana, Advocate Date Of Hearing : 07.11.2022 Date Of Pronouncement : 14.11.2022

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri
Section 143(2)Section 92C

collection of export proceeds and that the deduction u/s.10A is to be granted based on the receipt of export proceeds into India in convertible foreign exchange. 56. In assessee’s case details of the invoices along with the corresponding FIRCs mapping are furnished by the assessee before the lower authorities ... accepted fact that the assessee is a registered STPI/SEZ unit and that the evidences of the receipts towards exports received in convertible foreign exchange has already been furnished before the lower authorities. Once evidence for rendering of services, invoicing done to the service recipient and the realisation of foreign currency

Joint Commissioner of Income Tax (Ltu), Bangalore vs. M/S Dell International Services India Private Limited, Bangalore

In the result, the appeals of the assessee and the revenue are partly allowed

ITA 844/BANG/2017[2012-13]Status: DisposedITAT Bangalore14 Nov 2022AY 2012-13

Bench: Smt. Beena Pillai & Ms. Padmavathy Sit(Tp)A No.844/Bang/2017 Assessment Year : 2012-13 The Joint Vs. M/S.Dell International Services India Commissioner Of Private Limited, Income Tax, Ltu, (For The Merged Entity Dell India Bangalore. Private Limited), No.12/1, 12/2A, 13/1A, Divyashree Gardens, Challagutta Village, Varthur Hobli, Bangalore – 560 071. Pan : Aaach1925Q Appellant Respondent It(Tp)A No.932/Bang/2017 Assessment Year : 2012-13 M/S.Dell International Services Vs. The Joint Commissioner India Private Limited, Of Income Tax, Ltu, (For The Merged Entity Dell India Bangalore. Private Limited), Bangalore – 560 071. Pan : Aaach1925Q Appellant Respondent Revenue By : Shri Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Assessee By : Shri T. Suryanarayana, Advocate Date Of Hearing : 07.11.2022 Date Of Pronouncement : 14.11.2022

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri
Section 143(2)Section 92C

collection of export proceeds and that the deduction u/s.10A is to be granted based on the receipt of export proceeds into India in convertible foreign exchange. 56. In assessee’s case details of the invoices along with the corresponding FIRCs mapping are furnished by the assessee before the lower authorities ... accepted fact that the assessee is a registered STPI/SEZ unit and that the evidences of the receipts towards exports received in convertible foreign exchange has already been furnished before the lower authorities. Once evidence for rendering of services, invoicing done to the service recipient and the realisation of foreign currency

Dy CIT, Circle-8(2)(1), Mumbai vs. M/S Siemens Technology & Services P. Ltd ( Formerly Known As Siemens Information Systems Ltd.), Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 287/MUM/2021[2004-05]Status: DisposedITAT Mumbai02 Nov 2022AY 2004-05
Section 10ASection 143(2)Section 143(3)

account. However, the subsection (3) to section 10 A requires that sale proceed this should be 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

Dy CIT, Circle-8(2)(1), Mumbai vs. M/S Siemens Technology & Services P. Ltd ( Formerly Known As Siemens Information Systems Ltd.), Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 286/MUM/2021[2003-04]Status: DisposedITAT Mumbai02 Nov 2022AY 2003-04
Section 10ASection 143(2)Section 143(3)

account. However, the subsection (3) to section 10 A requires that sale proceed this should be 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

DCIT - 8(2)(1), Mumbai vs. Siemens Technology and Services Pvt. Ltd., Mumbai

In the result, the appeals of the revenue are dismissed and appeal of the assessee is partly allowed

ITA 3247/MUM/2018[2005-06]Status: DisposedITAT Mumbai12 Oct 2022AY 2005-06

Bench: Shri Kuldip Singh & Shri Amarjit Singh

For Appellant: P.J. Pardiwala &For Respondent: Ashok Kumar Kardam
Section 10ASection 143(2)Section 143(3)

account. However, the subsection (3) to section 10 A requires that sale proceed this should be 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

DCIT - 8(2)(1), Mumbai vs. Siemens Technology & Services Pvt. Ltd., Mumbai

In the result, the appeals of the revenue are dismissed and appeal of the assessee is partly allowed

ITA 3032/MUM/2018[2006-07]Status: DisposedITAT Mumbai12 Oct 2022AY 2006-07

Bench: Shri Kuldip Singh & Shri Amarjit Singh

For Appellant: P.J. Pardiwala &For Respondent: Ashok Kumar Kardam
Section 10ASection 143(2)Section 143(3)

account. However, the subsection (3) to section 10 A requires that sale proceed this should be 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

Siemens Technology & Services Pvt. Ltd.(Erstwhile Known As Siemens Information Systems Ltd.), Mumbai vs. DCIT- Circle -8(2)(1), Mumbai

In the result, the appeals of the revenue are dismissed and appeal of the assessee is partly allowed

ITA 2947/MUM/2018[2006-07]Status: DisposedITAT Mumbai12 Oct 2022AY 2006-07

Bench: Shri Kuldip Singh & Shri Amarjit Singh

For Appellant: P.J. Pardiwala &For Respondent: Ashok Kumar Kardam
Section 10ASection 143(2)Section 143(3)

account. However, the subsection (3) to section 10 A requires that sale proceed this should be 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

Deputy Commissioner of Income Tax.CC-7(3)., Mumbai vs. M/S Macrotech Developers Ltd(Successsor to Palava Dwellers Pvt Ltd), Mumbai

ITA 1348/MUM/2022[2016-2017]Status: DisposedITAT Mumbai29 Sept 2022AY 2016-2017
Section 115JSection 143(3)Section 144C(13)Section 269SSection 271DSection 273B

object of Section 269T in Chapter XXB of the Act is to counteract evasion of tax. For Section 80-O, receiving income in convertible foreign exchange is the basic requirement, where as, for Section 269T, compliance of the conditions set out therein is the basic requirement. Section 80-O does ... prescribe any particular mode for receiving the convertible foreign exchange, where as, Section 269T bars repayment of loan or deposit by any mode other than the mode stipulated under that Section and for contravention of Section 269T penalty is imposable under Section 271E of the Act. In these circumstances

Deputy Commissioner of Income Tax, CC-7(3), Mumbai vs. M/S Macrotech Developers Ltd (Successor to Shreenivas Cotton Mills Ltd), Mumbai

ITA 1347/MUM/2022[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15
Section 115JSection 143(3)Section 144C(13)Section 269SSection 271DSection 273B

object of Section 269T in Chapter XXB of the Act is to counteract evasion of tax. For Section 80-O, receiving income in convertible foreign exchange is the basic requirement, where as, for Section 269T, compliance of the conditions set out therein is the basic requirement. Section 80-O does ... prescribe any particular mode for receiving the convertible foreign exchange, where as, Section 269T bars repayment of loan or deposit by any mode other than the mode stipulated under that Section and for contravention of Section 269T penalty is imposable under Section 271E of the Act. In these circumstances

Deputy Commissioner of Income Tax CC-7(3), Mumbai vs. M/S Macrotech Developers Ltd.(Successor to M/S Lodha Developer Pvt Ltd), Mumbai

ITA 1291/MUM/2022[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16
Section 115JSection 143(3)Section 144C(13)Section 269SSection 271DSection 273B

object of Section 269T in Chapter XXB of the Act is to counteract evasion of tax. For Section 80-O, receiving income in convertible foreign exchange is the basic requirement, where as, for Section 269T, compliance of the conditions set out therein is the basic requirement. Section 80-O does ... prescribe any particular mode for receiving the convertible foreign exchange, where as, Section 269T bars repayment of loan or deposit by any mode other than the mode stipulated under that Section and for contravention of Section 269T penalty is imposable under Section 271E of the Act. In these circumstances

Deputy Commissioner of Income Tax CC-7(3), Mumbai vs. M/S Macrotech Developers Ltd(Earlier Known As M/S Lodha Developers Pvt Ltd), Mumbai

ITA 1290/MUM/2022[2015-2016]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-2016
Section 115JSection 143(3)Section 144C(13)Section 269SSection 271DSection 273B

object of Section 269T in Chapter XXB of the Act is to counteract evasion of tax. For Section 80-O, receiving income in convertible foreign exchange is the basic requirement, where as, for Section 269T, compliance of the conditions set out therein is the basic requirement. Section 80-O does ... prescribe any particular mode for receiving the convertible foreign exchange, where as, Section 269T bars repayment of loan or deposit by any mode other than the mode stipulated under that Section and for contravention of Section 269T penalty is imposable under Section 271E of the Act. In these circumstances

Rialto Exim, Mumbai vs. ITO 14(3)(4), Mumbai

In the result appeal of revenue is dismissed

ITA 2316/MUM/2014[2010-11]Status: DisposedITAT Mumbai14 Sept 2022AY 2010-11

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S Rialto Exim 907, Jewel World, Kalbadevi Road, Mumbai-400002 Pan: Aakfr3441G ...... Appellant Vs. Ito, Ward-14(3)(2), Earnest House, Nariman Point, Mumbai- 400 021. ..... Respondent Ito, Ward-14(3)(2), Earnest House, Nariman Point, Mumbai- 400 021. ..... Appellant Vs. M/S Rialto Exim 907, Jewel World, Kalbadevi Road, Mumbai-400002 Pan: Aakfr3441G ...... Respondent Appellant/Assessee By : Sh. Jayant Bhatt Respondent/Respondent By : Sh. Dharmvir Yadav/Sh. R.A. Dhyani Date Of Hearing : 20/06/2022 Date Of Pronouncement : 14/09/2022

For Appellant: Sh. Jayant BhattFor Respondent: Sh. Dharmvir Yadav/Sh. R.A. Dhyani
Section 10Section 10ASection 133ASection 143(2)Section 145

Agency charges towards import of goods from Dubai.  Copy of Bank Realization Certificate issued by bank on their receiving Export proceeds in Convertible Foreign Exchange.  Customer Advice from Bank on receiving inward Foreign Remittance from the Overseas Seller towards the proceeds of Export Invoice. In view of the above flow

M/S. Mindtree Limited, Bengaluru vs. The Deputy Commissioner of Income Tax, Central Circle-1(3), Bengaluru

In the result, the appeal by the assessee is allowed for statistical purposes

ITA 213/BANG/2022[2013-14]Status: DisposedITAT Bangalore05 Aug 2022AY 2013-14

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2013-14

For Appellant: Shri Tata Krishna, AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT)
Section 10ASection 115J

condition is provided in section 10AA unlike in section 10A(3) where the period by when the amount has to be received in convertible foreign exchange is specified. The assessee also submitted that convertible foreign exchange has not been defined in section 10AA of the Act and even ... does not mandate that the consideration in respect of export has to be brought into India in convertible foreign exchange within a specified time limit. 20. The CIT(Appeals) confirmed the order of the AO on the basis that Explanation 1 to section 10AA defines export turnover as “consideration

M/S. Ibm India Private Limited, Bangalore vs. Asst. Commissioner of Income Tax, Bangalore

In the result, the appeals filed by the assessee for AY 2010-11 and 2011-12 are treated as partly allowed

ITA 773/BANG/2016[2010-11]Status: DisposedITAT Bangalore18 Jul 2022AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A Nos.773 & 2041/Bang/2016 Assessment Years :2010-11 & 2011-12

For Appellant: Shri Ajay Rotti, C.A (A.R)For Respondent: Shri Dilip, Advocate, Standing
Section 10ASection 143(3)

proceeds are deposited, still assessee would be entitled to benefits of section 10A, to the extent that, it is brought into India in convertible foreign exchange as per section 10A(3)(i) of the Act. D.4. However, Ld. Counsel submitted that, vide letters dated 24/08/2012 and 04/01/2013, RBI granted permission ... section10A(3) of the Act, whereby, it can satisfy Ld.AO regarding receipt of sale proceeds out of India being brought into India in convertible foreign exchange within the period stipulated in the provisions of the Act. D.9.2. At this juncture, we understand the apprehension of revenue regarding the question

M/S.Ibm India Private Limited, Bangalore vs. Assistant Commissioner of Income-Tax, Bangalore

In the result, the appeals filed by the assessee for AY 2010-11 and 2011-12 are treated as partly allowed

ITA 2041/BANG/2016[2011-12]Status: DisposedITAT Bangalore18 Jul 2022AY 2011-12

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A Nos.773 & 2041/Bang/2016 Assessment Years :2010-11 & 2011-12

For Appellant: Shri Ajay Rotti, C.A (A.R)For Respondent: Shri Dilip, Advocate, Standing
Section 10ASection 143(3)

proceeds are deposited, still assessee would be entitled to benefits of section 10A, to the extent that, it is brought into India in convertible foreign exchange as per section 10A(3)(i) of the Act. D.4. However, Ld. Counsel submitted that, vide letters dated 24/08/2012 and 04/01/2013, RBI granted permission ... section10A(3) of the Act, whereby, it can satisfy Ld.AO regarding receipt of sale proceeds out of India being brought into India in convertible foreign exchange within the period stipulated in the provisions of the Act. D.9.2. At this juncture, we understand the apprehension of revenue regarding the question

DCIT, Bangalore vs. M/S Ibm India (P) Limited, Bangalore

In the result, the appeals filed by the assessee for AY 2010-11 and 2011-12 are treated as partly allowed

ITA 1228/BANG/2016[2010-11]Status: DisposedITAT Bangalore18 Jul 2022AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A Nos.773 & 2041/Bang/2016 Assessment Years :2010-11 & 2011-12

For Appellant: Shri Ajay Rotti, C.A (A.R)For Respondent: Shri Dilip, Advocate, Standing
Section 10ASection 143(3)

proceeds are deposited, still assessee would be entitled to benefits of section 10A, to the extent that, it is brought into India in convertible foreign exchange as per section 10A(3)(i) of the Act. D.4. However, Ld. Counsel submitted that, vide letters dated 24/08/2012 and 04/01/2013, RBI granted permission ... section10A(3) of the Act, whereby, it can satisfy Ld.AO regarding receipt of sale proceeds out of India being brought into India in convertible foreign exchange within the period stipulated in the provisions of the Act. D.9.2. At this juncture, we understand the apprehension of revenue regarding the question

M/S on Mobile Global Ltd., Bangalore vs. DCIT, Bangalore

In the result appeal filed by assessee stands allowed for statistical purposes and appeal filed by revenue stands dismissed

ITA 535/BANG/2016[2011-12]Status: DisposedITAT Bangalore29 Apr 2022AY 2011-12
Section 143(3)Section 144C

sale proceeds of articles of things of computer software exported out of India or received in or brought into in India in convertible foreign exchange, within a period of six months from the end of previous year or within such further period that the competent authority may allow in this

DCIT, Bangalore vs. Onmobile Global Ltd., Bangalore

In the result appeal filed by assessee stands allowed for statistical purposes and appeal filed by revenue stands dismissed

ITA 523/BANG/2016[2011-12]Status: DisposedITAT Bangalore29 Apr 2022AY 2011-12
Section 143(3)Section 144C

sale proceeds of articles of things of computer software exported out of India or received in or brought into in India in convertible foreign exchange, within a period of six months from the end of previous year or within such further period that the competent authority may allow in this

Ibm India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, appeal by the assessee stands allowed as indicated hereinabove

ITA 289/BANG/2021[2015-16]Status: DisposedITAT Bangalore14 Feb 2022AY 2015-16

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiit(Tp)A No. 289/Bang/2021 Assessment Year : 2015-16 M/S. Ibm India Pvt. Ltd., The Deputy No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Circle 3 (1)(1), Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent Assessee By : Shri Ajay Roti, Ca Revenue By : Shri Pradeep Kumar, Cit Dr Date Of Hearing : 12-01-2022 Date Of Pronouncement : 14-02-2022 Order Per Beena Pillaipresent Appeal By The Assessee Has Been Filed By Assessee Against The Final Assessment Order Dated 30.04.2021 U/S. 143(3) R.W.S. 144C(13) R.W.S. 144B Of The Act Passed By The National Faceless Assessment Centre, Delhi Relating To Assessment Year 2015-16 On Following Grounds Of Appeal: “The Grounds Stated Hereunder Are Independent Of & Without Prejudice To One Another. The Appellant Submits As Under: 1. Assessment Order Bad In Law 1.1. At The Outset, M/S Ibm India Private Limited (Hereinafter Referred To As 'The Appellant' Or 'The Company') Prays That The Order Dated April 30. 2021

For Appellant: Shri Ajay Roti, CAFor Respondent: Shri Pradeep Kumar, CIT DR
Section 10ASection 143(3)Section 144BSection 144C(13)

claimed u/s. 10AA of the Act and held it in favour of assessee, subject to the proceeds having been brought into India in convertible foreign exchange. It is submitted that this Tribunal remanded only one aspect to the DRP i.e. to verify whether the sale proceeds have been brought into ... India in convertible foreign exchange by IBM India. On the contrary, the Ld.DR relied on the orders passed by the authorities below. We have perused the submissions advanced by both sides in light of records placed before us. This Tribunal observed and held as under. “D.9.4. Respectfully following the same