DGFT : Q.1 Where I can find detailed step by step instruction on filing an application? Ans. Please check HELP file for details on DGFT w...
DGFT : New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of intr...
DGFT : IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documen...
Income Tax : ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and expor...
Income Tax : Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section ...
Custom Duty : Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the pe...
Income Tax : The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adve...
Income Tax : So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account o...
Income Tax : CIT vs Kalpataru Colours and Chemicals (SC) - Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of C...
Income Tax : (a)Expenses incurred in foreign currency on onsite computer software development at the client's place outside India should be exc...
Q.1 Where I can find detailed step by step instruction on filing an application? Ans. Please check HELP file for details on DGFT website Q.2 How do I know if a BRC is eBRC or manual BRC? Ans. From 17.08.2012, banks transmit all BRC data electronically to DGFT. Such BRC is called ‘e-BRC’. BRC issued […]
Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the percentage of enhancement to the transaction value ordered by the Deputy Commissioner of Customs is justified in law? In the present case, the appellant M/s Lutron GL Sales & Services Pvt. Limited imports lighting control […]
The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?
New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of introducing such scheme nor there has been any clarification issued by Director General of Foreign Trade (‘DGFT’) in this regard, till date.
IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documents each (w.e.f 1st apr,15): India took a step forward in improving ‘Ease of Doing Business’ by reducing the compulsory documents required for import and export of goods. The Directorate General of Foreign Trade (DGFT) issued a […]
So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee
CIT vs Kalpataru Colours and Chemicals (SC) – Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and confirming the decision of Special bench of ITAT Mumbai in the case of Topman Exports vs. ITO held as follows:- Objective of DEPB scheme is to neutralize the incidence of customs duty on the import content of the export products. Hence, it has direct nexus with the cost of the imports made by an exporter for manufacturing the export products.
(a)Expenses incurred in foreign currency on onsite computer software development at the client’s place outside India should be excluded from export turnover; and (b)Export proceeds utilized outside India for expenses relating to exports should be excluded from export turnover as a non-qualifying export turnover.
section 80HHC, Deduction under Section 80HHC, Bombay High Court, export turnover,deduction under section 80HHC
In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the “profit” on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgement has been reversed by the Bombay High Court today, 29th June 2010.
