kept asking Corsair
Investments LLC to furnish the Foreign Inward Remittance
Certificate (FIRC) for the amount remitted into its account so
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that the said ... repeated follow-up, the third
respondent - Company did not receive the FIRC and its account
statement depicted that the monies it had received had come
documents came to the conclusion that all the
remittance were supported with FIRCs or approval from RBI for
investing in Wholly Owned Subsidiary or remittance ... assessee
also furnished all the required statements in the form of FIRCs
or RBI approvals. This has been considered by the CIT(A) after
confronting
DONE TILL
MARCH, 2009
Contract Contract Contract Invoice Invoice Invoice Amt. Underlying FIRC FIRC
Date Value (US#) Date Amt. USD INR Assets ... entered into by the assessee viz-a-viz
Forward Inward Remittance Certificates (FIRC), submitted in the paper
book, evidencing that all forward contracts were settled
Page 4
party. It was also submitted that the FIRC certificates was not submitted
before AO as same were not available with the assessee ... also produced ledger copy of the parties along with FIRC which
are placed on pages 28 to 43 of the paper book and demonstrated that
assessee company has also obtained the foreign inward
remittance certificate (FIRCs) from banks for the above and sale
proceeds and submitted the copies of FIRCs ... export turnover because of the reason that the
FIRCs contain the nature of remittance as 'consultancy fee from
client' or 'software consultancy
Commissioner (A) has rejected the refund on the basis that in the FIRCs, the purpose of remittances is an advance receipt, which cannot be correlated ... process, the adjudicating authority rejected the refunds on the ground that the FIRCs contains an address different from that of claimant STPI and also
rejected by the Assistant Commissioner on the ground that as per FIRCs, the payment is received in Indian rupees and hence Rule ... held that if the payment is received in Indian rupee for which FIRC issued by the Bank and the payment is routed through foreign bank
rejected by the Assistant Commissioner on the ground that as per FIRCs, the payment is received in Indian rupees and hence Rule ... held that if the payment is received in Indian rupee for which FIRC issued by the Bank and the payment is routed through foreign bank
Dhanani. In course of the assessment the appellant
furnished copies of the FIRC and passport of Shri Dhanani. The A.O observed that
the FIRC ... established the identity of Shri Dhanani by producing the copies of the
FIRC, his passport and later by filling Overseas Citizen of India certificates
same
was filed with the Registrar of Companies on 14.09.2007
The FIRC dated 21.09.2007 issued by HDFC Bank vide serial numbers
420599 evidencing receipt ... from the loan request, correlating utilisation request,
disbursement certificates, swift messages and FIRC to demonstrate the fact
that the loan granted by ICICI Bank, Singapore
