Exemption U/s 10B
This query is : Resolved
swati sharma
(Querist)
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?
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?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- Rectification under processing even after 6 months cpc portal
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Import of Capital Machine
- LLP audit and disclosure
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
