#FIRC

CESTAT Chennai rules that for refund claims under Rule 5 of the Cenvat Credit Rules, the one-year limitation period under Section 11B of the Central Excise Act starts from the end of the quarter in which the Foreign Inward Remittance Certificate is received, not the invoice date. This clarifies a critical timing ambiguity for exporters and service providers claiming Cenvat credit refunds, ensuring compliance aligns with actual receipt of foreign payment.

ITAT Delhi rules that share capital received from a non-resident holding company cannot be taxed under Section 68 of the Income Tax Act if the assessee establishes the investor's identity, creditworthiness, and the transaction's genuineness through bank records and FIRC. This sets a precedent for protecting foreign investments from arbitrary additions where documentation is robust.