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4. We have considered rival contentions and found that deduction u/a.10A was restricted to the extent of export receipts realised uptll 30-9- 2008. The assessee company is situated In SEZ, the RBI, the Competent Authority, u/s.10A(3) of the Act had vide its Circular bearing A.P. -(DIR Series) Circular No:91 dated 1st April, 2003 relaxed the realization of export proceeds, which reads as under:
"In terms of para II(c) of AP (DIR Series) Circular No.28 dated March 30, 2001, units situated in Special Economic Zones have been permitted to realise and repatriate to India the full value of goods or software within a period of twelve months from the date of export. It has now been decided to remove the stipulation of twelve months or extended period thereof for realization of export proceeds. Accordingly, there shall be no prescription of any time limit for realization of exports made by units in SEZs. However, the units in SEZs will continue to follow the GR/PP/SOFTEX export procedure outlined in Part B of Annexure to A.P .(DIR Series) Circular No.12 dated September 9, 2000 as amended from time to time. Further,we found that the Tribunal, Mumbai Bench, in the case of ACIT vs. Tara Jewels Exports Pvt. Ltd. in ITA No.662/Mum/2012 for A.Y. 2003- 04 dated 29th January, 2014 held as under (page - 9):