V K Jewellery vs. DCIT

Parties Involved

Facts Summary

The assessee, V K Jewellery, filed an appeal against the order of the Commissioner of Income Tax (Appeals)-37, Mumbai, pertaining to the Assessment Year 2012-13. The appeal was filed to challenge the order that did not allow a deduction under section 10AA on a sum of Rs.1,67,64,253/- being unrealized export proceeds. The assessee also argued that the deduction should have been restricted to Rs.1,53,792/- instead of Rs.1,67,64,253/-. However, the assessee later filed an application to withdraw the appeal, stating that it was a duplicate appeal as another appeal (ITA No. 3163/Mum/2024) had already been disposed of by the SMC Bench. The appeal was dismissed as withdrawn.…

Legal Issues

• 1. Deduction under section 10AA on unrealized export proceeds

Judgment Outcome

Decided in favour of Assessee.

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