appellant company in
favour of the foreign investor;
Copy of FIRCs establishing the source of foreign remittance and
receipt of funds through banking channel;
Incorporation ... share application money received
during the year, copies of the FIRC etc. It was submitted that the
amount had come through proper banking channels
grounds:-
S. No.
Description of ineligible turnover
Ineligible Turnover
Ineligible Refund
1.
FIRC within one year but invoice date beyond one year ... Remittance not supported by FIRCs
4,63,52,407
8,53,037
2. Aggrieved, the appellant is now before the Tribunal.
3. On behalf
foreign company for commission and also filed Foreign
Inward Remittance Certificates (FIRCs) issued by its banker HSBC for
the consultancy fees received ... convertible foreign exchange.
From the perusal of the FIRC filed by the assessee, the A.O. found that
the assessee had received excess payment against
Dcit Cir 3(3)(2), Mumbai vs Tulip Hotels P.Ltd, Mumbai on 14 March
section 10A .
3. The DRP ought not to have admitted regularized FIRC's/ Softex
forms of Rs.14,84,16,444/- without calling ... from this para of DRP directions, it is clear that the
endorsed FIRCs were placed before the DRP for the first time
brought to the knowledge of Ld. CIT(A) that the
FIRC certificates was not submitted before AO as same were not available with the assessee ... Gallaher
Ltd. of UK. For corroborating this fact, the assessee has produced FIRC, ledgers, invoices
for consultancy and warehousing charges which are placed on pages
Copy of share certificate issued to the investor.
e) Copy of FIRC issued by the remitting bank i.e. Hong
Kong ... explained as
under:-
First of all a Certificate of Foreign Inward Remittance (FIRC) is issued
by the remitting bank which in our case is Hongkong
from the date of receipt of foreign exchange i.e. date of FIRC or from the date of invoice;
(ii) Whether the remittance received against ... should be taken as date of invoice not from the date of FIRC. As regards the receipt of remittance against the service, he submits that
year has to be
computed from the date of receipt of FIRC and not the date of
invoice in the case of export of goods ... them
that if the period of one year is computed from the FIRC, the
date of refund claim is well within the time. The FIRC
quarter for which the claim pertains or from the date of FIRC through which the convertible foreign exchange is received.
2. Shri H.P. Kanade ... should be taken from the end of the quarter for which the FIRC is received and not from the date of FIRC. Accordingly the issue
