Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Regulator amends prior guidance on merchanting trade transactions to extend the permitted period for outlay of foreign exchange from four months to six months while keeping all other conditions unchanged; the commencement and completion rules for merchanting trade remain as previously prescribed (date of first shipment/export receipt or import payment and date of last shipment/export receipt or import payment, respectively). The change is effective immediately; authorised dealer Category-I banks must notify their customers. The directions are issued under FEMA and do not affect other statutory permissions.
Regulator amends prior guidance on merchanting trade transactions to extend the permitted period for outlay of foreign exchange from four months to six months while keeping all other conditions unchanged; the commencement and completion rules for merchanting trade remain as previously prescribed (date of first shipment/export receipt or import payment and date of last shipment/export receipt or import payment, respectively). The change is effective immediately; authorised dealer Category-I banks must notify their customers. The directions are issued under FEMA and do not affect other statutory permissions.
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