{"id":17425,"date":"2021-05-01T14:07:29","date_gmt":"2021-05-01T08:37:29","guid":{"rendered":"https:\/\/itatonline.org\/digest\/nuovafil-infotech-pvt-ltd-v-ito-2021-431-itr-313-mad-hc\/"},"modified":"2023-02-01T16:18:06","modified_gmt":"2023-02-01T10:48:06","slug":"nuovafil-infotech-pvt-ltd-v-ito-2021-431-itr-313-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/nuovafil-infotech-pvt-ltd-v-ito-2021-431-itr-313-mad-hc\/","title":{"rendered":"Nuovafil Infotech Pvt. Ltd. v. ITO (2021) 431 ITR 313\/ 279 Taxman 142 \/ 198 DTR 1 \/( 2022) 325 CTR 652(Mad) (HC)"},"content":{"rendered":"<p>Dismissing the appeal of the assessee the Court held that the material available on record would clearly establish that the assessee had not obtained prior approval from the Reserve Bank<\/p>\n<p>of India as contemplated under Explanations 1 and 2 to section\u00a010B(3)\u00a0of the Act. That apart, form 56G reflected that the foreign inward remittances with regard to the sale proceeds had not been brought into India in foreign currency during the previous year and within the six months period. Order of Tribunal is affirmed . ( AY. 2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 10B: Export oriented undertakings &#8211;  Entire sale proceeds must be received in convertible foreign exchange within stipulated time or  should have opened bank account as per the provision of the Act &#8211;   Part of  sale proceeds adjusted against import of  raw material \u2014 Not entitled to deduction in respect of  such part [ S.10B(3)]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17425","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4x3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17425"}],"version-history":[{"count":5,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17425\/revisions"}],"predecessor-version":[{"id":32374,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17425\/revisions\/32374"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}