Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
A timely filed rectification application remains capable of decision on merits after the three-month disposal timeline expires. The requirement that the competent authority decide the application "as far as possible" within that period is directory: it requires an endeavour to comply but neither makes the authority functus officio nor removes its jurisdiction after three months. Rejection solely on the ground that the disposal period had expired was quashed, and the application was remitted for a merits-based decision within three months.
A timely filed rectification application remains capable of decision on merits after the three-month disposal timeline expires. The requirement that the competent authority decide the application "as far as possible" within that period is directory: it requires an endeavour to comply but neither makes the authority functus officio nor removes its jurisdiction after three months. Rejection solely on the ground that the disposal period had expired was quashed, and the application was remitted for a merits-based decision within three months.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
