Transfer pricing comparability: one support-services company accepted, government-owned and facility-management comparables excluded, forex loss claim...
Section 7 of FEMA and the export regulations require exporters to realise and repatriate full export proceeds within the stipulated time, and extension is available only on sufficient cause shown. The Tribunal sustained contravention where export proceeds remained unrealised for years, no effective recovery steps were documented, and alleged foreign buyer distress was unsupported by official records or concrete recovery action. Regulation 16(1)(i) was read as imposing a primary duty to ship goods within one year of advance receipt; failure to do so, without satisfactory explanation or adjustment against other exports, justified contravention. Directors in charge of business were also liable unless they proved lack of knowledge or due diligence; one director was excluded on facts.
Section 7 of FEMA and the export regulations require exporters to realise and repatriate full export proceeds within the stipulated time, and extension is available only on sufficient cause shown. The Tribunal sustained contravention where export proceeds remained unrealised for years, no effective recovery steps were documented, and alleged foreign buyer distress was unsupported by official records or concrete recovery action. Regulation 16(1)(i) was read as imposing a primary duty to ship goods within one year of advance receipt; failure to do so, without satisfactory explanation or adjustment against other exports, justified contravention. Directors in charge of business were also liable unless they proved lack of knowledge or due diligence; one director was excluded on facts.
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