Further Discussion Regarding Natural Calamities In The Country Raised By Shri ... on 28 July, 2005
Kumar, Vinay Kumar Chauhan, Manish Yadav and Kailash Joshi, had exported cheap quality export surplus goods which were actually procured at a market price ... finding that the appellant, in collusion with others, had exported cheap quality export surplus garments which were procured at a local market price
that if an assessee which is engaged in the business of exports,
invests surplus funds in fixed deposits and earns interest
thereon, such income cannot ... assessee is only of
exports, "the entire business income is deemed to be profit derived
from export of goods." It is not clear
accumulated profits in the form of reserves and surplus of M. K. Shah Exports Ltd., through a device of commercial transactions in acquiring RBI Relief
cent export-oriented unit and exporting entire goods manufactured to foreign countries without any local sales. All the exports were routed through Canara Bank, Perumanallore ... deduction of 5 per cent from the export earnings, but made out of surplus funds and substantial interest earned by the assessee from the bank
business of export and no part of its activity relates to the money-lending business. When some surplus money lying idle is invested ... because it was earned by investing surplus funds in FDRs which had no link with the export business of the assessee. Even if he computed
account are maintained in respect of export business and moneylending business. Therefore, the funds of moneylending business and export business are inter-twined. There ... moneylending activities of the assessee and they represented surplus funds of export business. Since the assessee is engaged in the moneylending business where idle funds
business of export and no part of its activity relates to the money lending business. When some surplus money lying idle is invested ... because it was earned by investing surplus funds in FDRs which had no link with the export business of the assesssee. Even if he computed
assessee is on surplus funds available. Therefore, the interest earned on surplus funds could not be considered as profit derived from export of goods ... case of the assessee stands on much weaker footing as keeping the surplus money in FDRs has no connection with the business of the assessee
assessee is on surplus funds available. Therefore, the interest earned on surplus funds could not be considered as profit derived from .export of goods ... case of the assessee stands on much weaker footing as keeping the surplus money in FDRs had no connection with the business of the assessee