2026 (7) TMI 28

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....ner is a Private Limited Company, incorporated under the Companies Act, 1956, mainly involved in inbound tour operations. In exercise of the powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act 1992, the Central Government has, from time to time, issued the Foreign Trade Policy (FTP) and the Handbook of Procedures. 2. In the present case, the petitioner is with the FTP for the year 2009 to 2014 which was extended for 2014-2015 also. The fundamental objective of the FTP is to promote export and allied services so as to augment Foreign Exchange Reserves of the Country. Various incentives / promotional measures have, therefore, been formulated in the FTP. 3. Chapter 3 provides for promotional measures in....

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....ugh the petitioner had a chance to use the scrips during the G20 Global Summit, on account of the speed-governor restrictions on motor cars and other administrative delays, the petitioner was not able to utilise the scrips for purchase of any foreign vehicle, contends the petitioner. 6. Subsequent thereto, in view of certain administrative relaxation, the petitioner was able to import a car by utilising a part of the scrips issued to the petitioner. However, a large portion of the scrips remain unable to be put to effective use and the same are set to expire on 31.01.2026. Furthermore, by way of import of car and on account of change in tax framework viz. advent of the GST legislations, it was no longer possible to use the scrips for pay....