2017 (2) TMI 1256 - SCH - Customs

100% EOU - requirement to achieve positive net foreign exchange (NFE) during every block of five years of its existence - the decision in the case of M/s. Padmavati Impex Pvt Ltd Versus Union of India 2016 (9) TMI 525 - GUJARAT HIGH COURT contested, where it was held that the computation of NFE would be financial year wise and which would be the beginning of the financial year following the year under which the manufacturing activity commences. Under no circumstances such period would be the period anterior with the date of manufacturing activity. Even if a literal interpretation of expression used in Clause 6.5 of the foreign trade policy is taken, it refers to the calculation of NFE cumulatively in block of five years starting from the commencement of production - Held that - the decision in the above case upheld - Delay condoned - SLP dismissed.

Summary

Summary: The Supreme Court dismissed the Special Leave Petition after allowing exemption from filing a certified copy of the impugned order and condoning the delay.