December 2009 to the petitioner, as regards the
remittance of an outstanding export proceeds for the bills with Standard
Chartered Bank is concerned, requested ... bank against the export document
of cut and polished diamond. The petitioner had accordingly adjusted
the said export documents against the outstanding of export gold
December 2009 to the petitioner, as regards the
remittance of an outstanding export proceeds for the bills with Standard
Chartered Bank is concerned, requested ... bank against the export document
of cut and polished diamond. The petitioner had accordingly adjusted
the said export documents against the outstanding of export gold
pending realization against the exports effected by the company. The party-wise details of export proceeds outstanding for the period during ... failed to produce copies of export invoices cum softex (software export detail) forms, against the said amount shown as outstanding. By letter dated
Enterprises vs. The ACIT, Jaipur
Particulars Interest on Interest on Total
outstanding export/impo Interest
from/to AEs rt from AEs
as on
31.3.2006
Total ... decision
of the Tribunal in deleting the notional interest on outstanding amount
of export proceeds realised belatedly cannot be faulted
core business of export of diamonds or the
outstanding receivables of export proceeds, in principle, the
impugned FCs constitute ―hedging transaction ... corresponding export
invoice. So long as the total FCs does not exceed the exports of the
year plus outstanding export receivable, the FCs can constitute
relation
between forward contracts and export bills receivables / payables. According
to the AO, a loss incurred on unmatured outstanding forward contracts ... export turnover. The assessee also has outstanding bills
receivables from its exports and outstanding payables for import of diamonds.
The assessee claims that
Assessing Officer that though the said loss pertained to
export receivable outstanding as on 31/3/2009, but the actual realization of
the export proceeds ... this claim of loss on the ground that the realization of outstanding export
receivables was an event which took place in the subsequent assessment year
learned CIT(A) erred in holding that reinstatement of valuation of
outstanding export bills to the extent of Rs. 2,00,421/- is only ... loss and actual amount of loss will be known only when
outstanding bills are realised and accordingly the same is
disallowable. Thus it is submitted
core business of export of diamonds
or the outstanding receivables of export proceeds, in principle,
the impugned FCs constitute "hedging transaction ... corresponding export
invoice. So long as the total FCs does not exceed the exports of
the year plus outstanding export receivable, the FCs can
constitute
historical importance. Home furnishing products from my constituency, Kannur, was exported even during British rule to Commonwealth countries. Till 2004, due to import duty concessions ... House and the Buckingham Palace and other palaces also. Considering the outstanding export performance, Kannur was recognized by the Ministry of Commerce with Town
