contended that the sole question for consideration was whether the goods were exported during the relevant previous year 1993-94 and not that the foreign ... suggested by the assessee, to be the date of realisation of outstanding export sale proceeds.
25. In Geekay Exim (India) Ltd. 's case
Kolkata Regional Office to Plaintiff/Petitioner dated 16.10.2008
regarding non-realisation of export proceeds.
(e) Punjab National Bank, being the negotiating Bank of the
Plaintiff ... Plaintiff/Petitioner from the Directorate of
Enforcement on 23.04.2013 regarding outstanding export proceeds
for consignments sent to the importers in Bangladesh being the
Defendant
Kolkata Regional Office to Plaintiff/Petitioner dated 16.10.2008
regarding non-realisation of export proceeds.
(e) Punjab National Bank, being the negotiating Bank of the
Plaintiff ... Plaintiff/Petitioner from the Directorate of
Enforcement on 23.04.2013 regarding outstanding export proceeds
for consignments sent to the importers in Bangladesh being the
Defendant
accordance with the scheme then in place, sick companies with
outstanding export obligations in such situations were granted extended time to
complete the export obligations ... March 31, 2018 the appellants had completed about 67% of their
outstanding export obligation of 70%. According to the appellants, the appellant
company was liable
facts of the present case, the exporter
company exported goods of the invoice value of US$
8,37,200 and received payment of a portion ... thereof leaving
a sum of US$ 6,37,200 outstanding. The exports took place
in 1996. Suit was filed for recovery and a decree with
loss arising out of devaluation on account of loan from the Export Import Bank of Washington was an allowable deduction in computing
the business income ... machinery in the new project of petrochemical undertaking. The loan outstanding to the Export Import Bank on the devaluation date was thus for a capital
asking for permission to adjust the outstanding bills against India Machinery Importers (E. A.) Ltd. with the outstanding claims of M/s. Jay Engineering Works ... alia, enclosing a list of the outstanding bills against India Machinery Importers and referring to the offer of Export Credit and Guarantee Corporation
rupee would be part of the
export turnover in the year of receipt?
b) Whether export sale proceeds received in accordance with and in
terms ... respect of such export on deferred
payment terms. The assessee obtained finance from Allahabad Bank against
3
the outstanding dues of 90 per cent
outstanding
in full. We should like to mention here that our 100% EOU Granite Unit is all set for production and we have sufficient export ... funds, by executing the export orders from May 1993 and this money will be available for adjustment of the excess outstanding in the timber account
Union Of India & Ors vs M/S. Rajshree Industries & Exports on 14 December, 2010
Author: Sengupta
Bench: Sengupta , Kanchan Chakraborty
ORDER SHEET ... application to the Reserve Bank of India
to write off outstanding dues of export proceeds would preclude
appellants authorities from proceeding with issuance
