Exemption U/s 10B

This query is : Resolved

swati sharma (Querist)
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23 December 2008 Dear Sir,
An 100% EOU makes sales to another 100% EOU for which the excise and customs act gives permission and under SEZ policy they are treated as exports eligible for NFE purposes. Even thought the assesee realises the consideration in INR but as they are finally exported and the other EOU gets the realisation in Foreign currency. The CFE is ultimately brought into india. Then are those sales eligible for exemption under section 10B of Income tax act?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 December 2008 If the assessee who wants section 10B benefit do not realize the export proceeds in convertible foreign exchange claim will be disallowed.

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