Clause (ii) of C26.1
speaks about set-off of outstanding export receivables
against outstanding import payables with overseas
group/associate companies either ... cause (i) of Clause C26.1
contemplates set-off of outstanding export receivables
4
against outstanding import payables from/to the
same overseas buyer
notional interest on
outstanding export receivables realized beyond 60 days.
4. The learned Assessing Officer passed a draft assessment order
U/s 144C read with ... addition of Rs.10,62,036/- towards notional
interest on outstanding export receivables realized beyond 60 days
and initiated penalty U/s read with section
State Bank of India, Ferozepur Cantt for writing off of the
outstanding export bill relating to export to M/s Royal Wings Food Stuff,
Dubai ... assessee, the State Bank of
India has duly written off the outstanding export bills relating to M/s Royal
Wings Food Stuff, Dubai, copy
Date:21.10.2023
17:03:19
firm had exported the goods and failed to realize the
certain export bills pursuant to which inquiries were made
from ... pertaining to year 1992-93 valued US Dollar 1049426 are
export outstanding which the accused had not realized till
such time. Thereafter the accused
plaintiff was specifically asked if the EDPMS reflects any outstanding
against the exports referred in Ex.PW3/2 (Colly), the statement of
account produced ... bills outstanding must be so declared to
the authorized dealer/bank, the witness has expressed ignorance on
whether any outstanding bills against the exports
present petitioner, Sanjay Singh and Smt. Maya Rani and this firm obtained export licence. The partnership firm was dissolved in 1996 and the petitioner ... application, the details of outstanding export in column 12 (appendix 57) vis-a-vis advance licences earlier issued to M/s Krishna Handicrafts were mentioned
account of purchase difference being outstanding differential
amount towards marine exports, section 41(1) of the Act cannot be invoked
in the first instance since ... Page No. 25
Vishal Exports vs. ACIT & DY. CIT vs. Vishal Exports
the outstanding liability as per Assessee's books or the dates
cheque was misused by the petitioner for
the balance amount outstanding payable by VSK Exports and Imports.
Whether the disputed cheque ... cheque was misused by the complainant for
the outstanding amount of VSK Exports and Imports, has to be adjudicated
after letting in evidence
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
under:-
Name of Entities Principle Bifurcation ratio as Settlement
outstanding per principle amount
outstanding
Famtex Exports P.Ltd 2.69 37.27% 7.83
Amex Garments ... Hamosons Exports P.Ltd 2.79 38.71% 8.13
Total 7.21 21.00
Thus, according to the assessee, total settlement made by the
assessee towards principle outstanding
