https://www.taxtmi.com/caselaws?id=99862 In a bona fide export consignment sale, the exporter is entitled only to the net sale proceeds after deduction of the consignee's agreed commission and proper expenses. The expression "full amount payable by the foreign buyer" under section 12(2) of the Foreign Exchange Regulation Act, 1947 is therefore to be read as the balance payable under the account sales, not the gross invoice value. Where the deductions are genuine, proved, and commercially reasonable, prior Reserve Bank permission is not required for the agreed commission, and such deduction does not constitute withholding of the amount payable to the exporter. en-us Wed, 18 Oct 1978 00:00:00 +0530 Mon, 30 Jan 2012 13:34:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99862 In a bona fide export consignment sale, the exporter is entitled only to the net sale proceeds after deduction of the consignee's agreed commission and proper expenses. The expression "full amount payable by the foreign buyer" under section 12(2) of the Foreign Exchange Regulation Act, 1947 is therefore to be read as the balance payable under the account sales, not the gross invoice value. Where the deductions are genuine, proved, and commercially reasonable, prior Reserve Bank permission is not required for the agreed commission, and such deduction does not constitute withholding of the amount payable to the exporter. Case-Laws Companies Law Wed, 18 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99862