https://www.taxtmi.com/caselaws?id=355764 Refund of unutilized CENVAT credit under Notification No. 5/2006-CE (NT) read with Rule 5 was held admissible where export proceeds were received in Indian rupees through a foreign banking channel. The Tribunal treated remittance routed through the nostros account mechanism and traceable to overseas foreign exchange realisation as satisfying the requirement of receipt in convertible foreign exchange. It followed earlier decisions that a formal two-step conversion is unnecessary if the substance of the transaction shows export proceeds received through the prescribed banking route. The denial of refund on the ground of non-receipt of convertible foreign exchange was unsustainable, and the claims were allowed with consequential relief. en-us Wed, 14 Feb 2018 00:00:00 +0530 Mon, 19 Feb 2018 08:37:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355764 Refund of unutilized CENVAT credit under Notification No. 5/2006-CE (NT) read with Rule 5 was held admissible where export proceeds were received in Indian rupees through a foreign banking channel. The Tribunal treated remittance routed through the nostros account mechanism and traceable to overseas foreign exchange realisation as satisfying the requirement of receipt in convertible foreign exchange. It followed earlier decisions that a formal two-step conversion is unnecessary if the substance of the transaction shows export proceeds received through the prescribed banking route. The denial of refund on the ground of non-receipt of convertible foreign exchange was unsustainable, and the claims were allowed with consequential relief. Case-Laws Service Tax Wed, 14 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355764