Condonation of Delay denied: communication lapses and corporate restructuring found insufficient; prolonged inaction and lack of bona fides led to ref...
Export Support intervention INSIGHT launched to provide non financial capacity building, trade intelligence and pilot support with defined funding and...
Interpretation of the Interest Equalisation Scheme and DGFT clarification on whether interest subvention reduces from 5% to 3% from 1 October 2021 for export credit whose tenor extends beyond 30 September 2021 was decided by holding that the phrase "only for the period upto 30th September, 2021" governs benefits to be passed on by the bank, not the credit tenor, and the DGFT clarification confirms tenor is irrelevant. As the bank had discounted export bills and upfront passed the 5% benefit knowing the credit ran beyond 30 September 2021, it could not later claw back the differential; recovery from the exporter was wrongful. Refund of the recovered amount with 8% interest from the recovery date and costs was decreed. - HC
Interpretation of the Interest Equalisation Scheme and DGFT clarification on whether interest subvention reduces from 5% to 3% from 1 October 2021 for export credit whose tenor extends beyond 30 September 2021 was decided by holding that the phrase "only for the period upto 30th September, 2021" governs benefits to be passed on by the bank, not the credit tenor, and the DGFT clarification confirms tenor is irrelevant. As the bank had discounted export bills and upfront passed the 5% benefit knowing the credit ran beyond 30 September 2021, it could not later claw back the differential; recovery from the exporter was wrongful. Refund of the recovered amount with 8% interest from the recovery date and costs was decreed. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
