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TMI Blog2017 (10) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri S. Mukhopadhyay, Supdt.(AR) for the Revenue ORDER Per: Shri P.K. Choudhary 1. The applicant filed this Misc. Application for ROM in Final Order No.O/A/75127-75141/2017 dated 16.02.2017. 2. It is contended by the applicant that the order of this Tribunal suffers from mistake apparent on the record as it is recorded that the applicant has failed to produce FIRC issued by the Bank which is contrary to the findings of the Adjudicating Authority which is forming part of the appeal petition. 3. Heard both sides and perused the appeals records. 4. For the proper appreciation of the case, the relevant portion of finding of the Tribunal in Final Order dated 16.02.2017, reproduced below: 8. I find that it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gn Exchange Management (Manner of Receipt Payment) Regulations, 2000 notify vide Notification No.FEMA 14/2000-RB dated 03 May 2000 which state that (2) All countries other those mentioned in (1) [Member countries in the Asian Clearing Union] and in manner of receipt of foreign exchange as (a). Paymen t in rupee from the account of a bank situated in any country other than a member country of Asian Clearing Union or Nepal or Bhutan; or (b). Payment of any permitted currency. Further in reply to other question as to whether the FICR s can be issued form Bank showing the amount received in foreign currency and the bank replied that FICR is Foreign Inward Remittance Certificate and can be issued against inward remittance received from a Forei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onvertible Foreign Exchange. In the case of M/s.AGM India Advisors Pvt.Ltd. cited (supra), the Tribunal observed that - that Foreign Inward Remittance Certificate (FIRC) is issued only in respect of foreign exchange. In the present case, FIRCs were issued and there is a specific certification that the payment has not been received in non-convertible rupees, which establishes that the payment received and mentioned in the FIRCs are other than non-convertible foreign exchange, in other words, the payment is in convertible foreign exchange. 5. The contention of the ld. Counsel that they have produced the FIRC Certificate and that is the mistake of the Tribunal. The Commissioner (Appeals) observed as reproduced in the Tribunal ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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