Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Request for conversion of free Shipping Bills into Drawback Shipping Bills - Long lapsed period between exports (1998) and the request for conversion (2007) - The Tribunal observed that conversion from free to drawback shipping bills is not merely an amendment but changes the entire nature of the document. The Tribunal reiterated that amendments under Section 149 are discretionary and can only be based on documents available at the time of export. Since there were no All-Industry Rates for the goods at the time of export and no brand rate applied for, the Tribunal found no basis for drawback claims. The Tribunal affirmed that notified All-Industry Rates are always prospective and cannot be applied retrospectively. Considering the significant lapse of time between exports and the request for conversion, the Tribunal upheld the Commissioner's decision not to allow the conversion.
Request for conversion of free Shipping Bills into Drawback Shipping Bills - Long lapsed period between exports (1998) and the request for conversion (2007) - The Tribunal observed that conversion from free to drawback shipping bills is not merely an amendment but changes the entire nature of the document. The Tribunal reiterated that amendments under Section 149 are discretionary and can only be based on documents available at the time of export. Since there were no All-Industry Rates for the goods at the time of export and no brand rate applied for, the Tribunal found no basis for drawback claims. The Tribunal affirmed that notified All-Industry Rates are always prospective and cannot be applied retrospectively. Considering the significant lapse of time between exports and the request for conversion, the Tribunal upheld the Commissioner's decision not to allow the conversion.
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