Exemption u/s 10A was allowable as RBI given ex-post facto approval for export proceeds realization

Trigeo Image Systems P Ltd. Vs ACIT (Telangana High Court)

Conclusion: Assessee was entitled to the exemption under Section 10A as ex-post facto approval granted by the RBI, the competent authority under the Foreign Exchange Management Act, 1999, met the requirements of Section 10A(3).

Held: In the instant case, assessee, operating in a Free Trade Zone, claimed an exemption under Section 10A for the assessment year 2001-02. AO disallowed the exemption, but Commissioner (Appeals) reversed this decision, accepting the RBI’s ex-post facto app

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