Sale proceeds’ in Sec 10A also means net proceeds if the goods are purchased from foreign buyers on credit and assessee is entitled to benefits u/s 10A

CIT, Bareilly Vs M/s Henna Zebraat (Allahabad High Court)- The assessee referred to the decision of Honourable Supreme Court in the case of J.B. Boda and Co. (P) Ltd Vs. CBDT, 223 ITR 271, according to which, if net proceeds are received in foreign exchange and credited then assessee would not be dis entitled from exemption. The Tribunal relied upon judgement of the Supreme Court in J.B. Boda and Co. (P) Ltd Vs. CBDT, [1997] 223 ITR 271, in observing that if assessee receives net proceeds in foreign exchange then the deduction under Section 10-A of the Income Tax Act 1961, for promotion of exp...