Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
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Regularization of bona fide default under the Foreign Trade Policy provisions operates to revise and restate the export obligation (EO) in the Advance Authorizations, and the quantum of EO is a licensing authority determination; consequently fulfilment of EO as accepted by the licensing authority precludes Customs from treating conditions in Customs notifications as separately violated. An Export Obligation Discharge Certificate (EODC) is conclusive evidence of EO fulfilment for recovery purposes and, where bonds securing authorizations have been cancelled, demands under Customs Act provision for recovery cannot be enforced, negating duty, interest, penalty and confiscation.
Regularization of bona fide default under the Foreign Trade Policy provisions operates to revise and restate the export obligation (EO) in the Advance Authorizations, and the quantum of EO is a licensing authority determination; consequently fulfilment of EO as accepted by the licensing authority precludes Customs from treating conditions in Customs notifications as separately violated. An Export Obligation Discharge Certificate (EODC) is conclusive evidence of EO fulfilment for recovery purposes and, where bonds securing authorizations have been cancelled, demands under Customs Act provision for recovery cannot be enforced, negating duty, interest, penalty and confiscation.
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