Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Prescribes handling of show cause notices for non-realisation or short realisation of export proceeds where scrutiny of DGFT e-BRCs indicates a shortfall against FOB value. It reiterates CBIC guidance that deductions for agency commission and foreign bank charges may be regularised on merits within an overall limit of 12.5% of FOB, subject to supporting documents such as export invoices and bank confirmation of foreign bank charges. Exporters are directed to submit proof of realisation and, where shortfall is claimed, the requisite documentary justification along with the reply to the notice. Where shortfall persists and supporting proof is not furnished with the reply, adjudication must include a personal hearing opportunity before decision.
Prescribes handling of show cause notices for non-realisation or short realisation of export proceeds where scrutiny of DGFT e-BRCs indicates a shortfall against FOB value. It reiterates CBIC guidance that deductions for agency commission and foreign bank charges may be regularised on merits within an overall limit of 12.5% of FOB, subject to supporting documents such as export invoices and bank confirmation of foreign bank charges. Exporters are directed to submit proof of realisation and, where shortfall is claimed, the requisite documentary justification along with the reply to the notice. Where shortfall persists and supporting proof is not furnished with the reply, adjudication must include a personal hearing opportunity before decision.
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