1997 (2) TMI 584

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..... 2. At the request of the learned counsels for the parties, Rule taken up for hearing forthwith. 3. The petitioner is a partnership firm engaged in the business of export of cut and polished diamonds. During the assessment year 1994-95, the petitioner, inter alia, exported goods to Siroya Jewellers, Dubai, under Invoice No. 21/93-94 dated 29-3-1994, of the value of U.S. $ 26,910.79 an .....

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..... ceeds on 16-11-1994 and 21-3-1995, the petitioner is justified in contending that the petitioner received the sale proceeds after some time over which the petitioner had no control. Therefore, the impugned order (Exhibit 'E' to the petition) dated 25-3- 1996 is set aside. Respondent No. 1 is directed to pass appropriate fresh order in consonance with the provisions of section 80HH .....

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