Exemption under section 10b

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Manpalca (Querist)

22 October 2012 Weather Non filing of Softex Forms with STPI, debares Assessee From Claiming Exemption u/s 10B of I.T. Act?
Will it make any differance, if FOB Value certified by STPI and As Per Books of Accounts are different?

Amol S Joglekar

Amol S Joglekar (Expert)

22 October 2012 01. No it can not debar the assessee from claiming exemption u/s 10B. Rather it will be very difficult to prove the EXPORT to the satisfaction of the assessing officer. 02. The difference in the FOB value and 'as per books' of acounts will give the upper hand to income tax department to challenge the integrity of the books of accounts. However, the lower of the amount can be claimed for 10B

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Manpalca

Manpalca (Querist)

23 October 2012 Thank You Very Much,Sir

Manpalca

Manpalca (Querist)

28 November 2012 Amol Sir,
1. Can you give me any material or any link of website which provides it can not debar assessee to claim section 10b exemption without Export Turnover Certified by STPI.
2. Can We Prove Export Turnover on the basis of FIRC which is certified by the Banks

Manpalca

Manpalca (Querist)

28 November 2012 Assessee is saying that they have submitted Softex forms timely to STPI via courier but it may seems that some discrepancies may be there, hence STPI is not certifying Export Turnover. Is there any wayout to satisfy A.O. regarding the Export Turnover?

Amol S Joglekar

Amol S Joglekar (Expert)

28 November 2012 STPI certification has always been regarded as CONCLUSIVE evidence.
In the absence of STPI certification, you will need to do LOT of LEGWORK to prove the EXPORT.
01. Invoice/ Bill raised by you.
02. Acceptance of same by the person to whom the bill is issued.
03. Receipt of payment from abroad. (Banker's advice, statement of bank account etc.)
04. To do such other things/ produce evidences to satisfy the Assessing Officer.

Manpalca

Manpalca (Querist)

28 November 2012 Thank You, Sir
Would you provide some material on :
Non filing of Softex Forms with STPI, doesn't debares Assessee From Claiming Exemption u/s 10B of I.T. Act

Amol S Joglekar

Amol S Joglekar (Expert)

28 November 2012 Give me some time, I will get back to you.

Manpalca

Manpalca (Querist)

28 November 2012 Ok Sir. Thank you very much again

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