Commissioner Of Income Tax vs M/S. Ektara Exports Pvt Limited on 10 September, 2008
4.3 We further observe that the Revenue has, per its Ground No.2 assumed before us,
also objected on the basis that the RBI Circular being relied upon is only applicable to
shipments made on or after 01.04.2003, so that it would not apply for the current year.
The objection, if true, is certainly valid inasmuch as the law clearly provides for an
extended time only where and as allowed by the competent authority. The objection, as it
4
ITA No.662/Mum/2012 (A.Y. 2003-04)
Asst. CIT vs. Tara Jewels Exports Pvt. Ltd.