Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
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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