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Attention is also invited to the provisions of paragraph 7.16 of the EXIM Policy read with paragraph 7.13 of the Handbook of Procedure (Vol.I) 1997-2002 according to which indigenous procurement of an importable item endorsed on duty free licence can also be made without getting an ARO, based on the back-to-back L/C from a Bank. This optional facility shall also be available to the applicants of the duty free licences.
CIT V Keshri Metal Pvt Ltd. (1999) 237 ITR 165 SC- Under the provisions of Section 154 there has to be a mistake apparent from the record. In other words, a look at the record must show there has been an error, and that error may be rectified. Learned counsel for the revenue has not been able to satisfy us that it shows any apparent error upon the record.