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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

M/S. Ibm India Private Limited, Bangalore vs. Joint Commissioner of Income Tax, Special Range - 4, Bangalore

In the result, appeal by the assessee for A

ITA 1016/BANG/2019[2014-15]Status: DisposedITAT Bangalore14 Feb 2022AY 2014-15

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 625/Bang/2017 Assessment Year : 2012-13 M/S. Ibm India Pvt. Ltd., The Assistant No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Circle 3 (1)(1), Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent & It(Tp)A No. 1016/Bang/2019 Assessment Year : 2014-15 M/S. Ibm India Pvt. Ltd., The Joint No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Special Range-4, Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent Assessee By : Shri Ajay Roti, Ca : Shri K.V. Arvind, Standing Revenue By Counsel Date Of Hearing : 03-02-2022 Date Of Pronouncement : 14-02-2022

For Appellant: Shri Ajay Roti, CA
Section 10ASection 143(3)Section 144C(13)

10AA of the Act and held it in our 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 ... convertible foreign exchange by IBM India. The Ld.Standing Counsel relied on orders passed by authorities below. We have perused the submissions advanced by both sides in the light of records placed before us. This Tribunal observed and held as under. “D.9.4. Respectfully following the same, we remand this issue

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

In the result, appeal by the assessee for A

ITA 625/BANG/2017[2012-13]Status: DisposedITAT Bangalore14 Feb 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 625/Bang/2017 Assessment Year : 2012-13 M/S. Ibm India Pvt. Ltd., The Assistant No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Circle 3 (1)(1), Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent & It(Tp)A No. 1016/Bang/2019 Assessment Year : 2014-15 M/S. Ibm India Pvt. Ltd., The Joint No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Special Range-4, Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent Assessee By : Shri Ajay Roti, Ca : Shri K.V. Arvind, Standing Revenue By Counsel Date Of Hearing : 03-02-2022 Date Of Pronouncement : 14-02-2022

For Appellant: Shri Ajay Roti, CA
Section 10ASection 143(3)Section 144C(13)

10AA of the Act and held it in our 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 ... convertible foreign exchange by IBM India. The Ld.Standing Counsel relied on orders passed by authorities below. We have perused the submissions advanced by both sides in the light of records placed before us. This Tribunal observed and held as under. “D.9.4. Respectfully following the same, we remand this issue

Advanced Enzyme Technologies Ltd., Mumbai vs. ACIT, Circle - 1, Thane

In the result, appeal filed by the assessee is allowed

ITA 7213/MUM/2019[2010-11]Status: DisposedITAT Mumbai11 Jan 2022AY 2010-11

Bench: Ms Suchitra Kamble, Jm & Shri Prashant Maharishi, Am Advanced Enzyme The Asst. Commissioner Of Technologies Ltd. Income Tax, Circle-1, Room No.22, 6Th Floor, B – Wing, Sun Magnetica, „A‟ Wing, Ashar It Partk, Ambika Vs. 5Th Floor, Lic Service Road, Nagar, Road No.16Z, Wagle Louiswadi, Thane(W) Estate, Thane (W), Mumbai-400 604 Mumbai- 400 604 Pan No. Aacfe7262L Appellant .. Respondent

For Appellant: Shri Vipul Joshi, MsFor Respondent: Shri Mehul Jain, DR
Section 10Section 143Section 147Section 148

profitability statement of the SEZ unit. The SEZs unit as the export turnover of ₹ 144,820,049 which is received in the convertible foreign exchange and the profit derived by the undertaking was determined at Rs 207,90,638/-. Thus, the deduction was computed on pro rata basis in proportion

M/S Continental Carrier vs. Commissioner of Income Tax

ITA - 264 / 2002HC Delhi26 Apr 2016
Section 260ASection 80

controversy involved in both the appeals relates to the method of computing the income received or brought into India in convertible foreign exchange for the purposes of deduction under Section 80-O of the Act. 3. The Assessee is a partnership firm and involved in the business of clearing ... that the commission earned 2016:DHC:3175-DB ITA 264/2002 & 415/2004 Page 3 of 19 from foreign enterprises was brought into India in convertible foreign exchange and was eligible for deduction under Section 80-O of the Act. 4. During the Previous Years relevant

Director of Income Tax Delhi vs. M/S Lufthansa Cargo India P

ITA - 95 / 2005HC Delhi27 May 2015
Section 195Section 260ASection 9(1)(vii)

leasing activity to non-resident companies and consequently the source of income is outside India. Secondly, leasing revenue was received in convertible foreign exchange directly from foreign charterers through wired transfer in assessee‟s account denominated in foreign currency but maintained in India with the permission

Pawan Kumar Aggarwal vs. Income Tax Officer

The appeal is disposed of

ITA - 137 / 2003HC Delhi27 Nov 2014
Section 260ASection 5Section 5(1)(ii)Section 64

India, or a person of Indian origin, who is not resident in India, to any relative of such person in India, of convertible foreign exchange remitted from a country outside India in accordance with the provisisons of the Foreign Exchange Regulation Act, 1973 (46 of 1973), and any rules made ... Indian origin if he or either of his parents or any of his grand-parents was born in undivided India; (b) “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

The Commissioner of Income Tax Central vs. Padmini Technologies Ltd

ITA - 1265 / 2007HC Delhi14 Sept 2011
For Appellant: Ms. Surushi AggarwalFor Respondent: Mr.S.K. Aggarwal
Section 80

80HHC applies only to the goods which are not only exported out of India but the sale proceeds of which are receivable in convertible foreign exchange. When we sit to consider sub-section (3), clause (a) thereof speaks about the assessee who has an exclusive business of exports of such ... No.1265-2007 Page 6 of 14 would be out of the export sales, the proceeds of which are receivable in convertible foreign exchange. There is again almost by way of abundant caution the user of the words 'goods or merchandise' to which this section applies. Once we have this stage then

Nancy Crafts Ltd

Appeal is allowed in the aforesaid terms

ITA - 466 / 2011HC Delhi08 Sept 2011
Section 143(2)(ii)Section 147Section 148Section 148(2)Section 80Section 80H

Rs.34,63,640/-. On perusal of the assessment records it is found that out of the total export turnover of Rs.6929.17 lakh convertible foreign exchange of Rs.8 lakh was not received within the stipulated period of six months. It was further noted that 90% of interest income of Rs.19.01 lakh

CIT vs. Le Passage to India Tours & Travels Pvt Ltd

ITA - 1859 / 2010HC Delhi08 Apr 2011
Section 80

taken. Therefore, such an income is part and parcel of business receipts only. However, since it has not been received in the convertible foreign exchange same has to be netted for the purpose of receipts from services provided to foreign tourists for the purpose of deduction ... Page 5 of 14 exchange & (iii) total receipts of business which includes business receipts in Indian currency as well as business receipts in convertible foreign exchange. It is pertinent to mention here that unlike the provisions of Section 80 HHC which specifically defines “profits of the business” under Explanation

Li & Fung India P.Ltd vs. The Commissioner of Income Tax

The appeal stands allowed

ITA - 532 / 2007HC Delhi02 Apr 2008
Section 80Section 9

services rendered or agreed to be rendered outside India to such Govt. or enterprise by the assessee, and such income is received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, is brought into India, by or on behalf of the assessee ... commercial information which the assessee provided to the foreign buyers and in consideration thereof, the assessee received commission which was in convertible foreign exchange. In view of this, the claim made by the assessee cannot be denied under section 80-O of the Act.” 17. Thus, in view