Morgan Stanley Advantage Services Pvt. Ltd. Vs. ITO (ITAT Mumbai)

A sum of Rs. 2,20,36,235/- had not been received by the assessee in convertible foreign exchange within six months from the end of the previous year- AO was of the view that the assessee has failed to fulfill the condition under section 10A(3) of the Act, to qualify for exemption in respect of the said turnover. The assessee having applied for extension and having completed all the formalities; and in response the Reserve Bank of India having taken the remittances on record, the non-issue of a formal letter for approval, in our view, cannot be held against the assessee for none of its faults. ...