https://www.taxtmi.com/caselaws?id=332264 For a 100% export oriented unit, the five-year block for computing net foreign exchange earnings must be read in harmony with the Foreign Trade Policy and the annual monitoring guidelines. Although the policy speaks of cumulative calculation from commencement of production, the monitoring framework is tied to financial-year cycles, quarterly reporting, annual review and action on completed years. On that construction, the relevant block begins with the financial year in which production commenced, not with a broken period before that year. The challenge to the penalty therefore fails. en-us Thu, 01 Sep 2016 00:00:00 +0530 Tue, 10 Jan 2017 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332264 For a 100% export oriented unit, the five-year block for computing net foreign exchange earnings must be read in harmony with the Foreign Trade Policy and the annual monitoring guidelines. Although the policy speaks of cumulative calculation from commencement of production, the monitoring framework is tied to financial-year cycles, quarterly reporting, annual review and action on completed years. On that construction, the relevant block begins with the financial year in which production commenced, not with a broken period before that year. The challenge to the penalty therefore fails. Case-Laws Customs Thu, 01 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332264