Claim of export turnover if foreign exchange not realised in specified period u/s 80HHC tantamount to deemed concealment of income

Brief of the Case ITAT Mumbai held In the case of Emblem Fashion Wear Exports Pvt. Ltd. vs. ITO that the assessee did not obtain approval, either pre or post facto, from the competent authority, as required by law. Also the assessee did not apply for any extension of time. The payment in each case stands received much after the lapse of the six month period i.e., from as low as two years from the date of raising the bills, to a maximum of six years. No explanation for the inordinate delay has been furnished by the assessee. Further, the payments have not been received by the date of the filing...