FOB is Incoterm reflecting exporter's transaction value; declared shipping bill value not automatically confiscable under s.113(i), s.125, ss.114(i) a...
The HC allowed the challenge and set aside the order denying exemption under s.11/12 and the rejection of the s.119(2)(b) condonation application. The petitioner had filed the ITR within time but uploaded Form-10B with a 16-day delay due to an auditor/tax-professional error; the assessment under s.143(1) and subsequent rectification under s.154 had disallowed the exemption and created demand. The HC held that the matter warranted equitable, judicious exercise of discretion rather than automatic forfeiture for a bona fide procedural lapse. The respondents are directed to reconsider the petitioner's s.119(2)(b) application afresh and pass a reasoned order.
The HC allowed the challenge and set aside the order denying exemption under s.11/12 and the rejection of the s.119(2)(b) condonation application. The petitioner had filed the ITR within time but uploaded Form-10B with a 16-day delay due to an auditor/tax-professional error; the assessment under s.143(1) and subsequent rectification under s.154 had disallowed the exemption and created demand. The HC held that the matter warranted equitable, judicious exercise of discretion rather than automatic forfeiture for a bona fide procedural lapse. The respondents are directed to reconsider the petitioner's s.119(2)(b) application afresh and pass a reasoned order.
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