29 July 2016
If a electronic equipment is bought by a sole proprietor from Alibaba or international Ebay , Will it come under provisions of section 92E under international transaction. Would he be liable to submit Form 3CEB , if the equipment bought is for
1. Personal purpose
2. Business purpose?
Kindly answer.
01 August 2016
Kinda Wished some CA would answer... But it seems the same old the same old and there are no shortcuts.
Anyway, To answer my own question, No for both, unless you're importing from a associated enterprise. " Associated enterprise" has been defined a lot : Like holding 51% of the exporting company etc... Basically, If you're importing from a company you're having no relationship with(relation in the sense, that you have significant interest in the P&L of that company) , You're clear. That transaction will not be considered a international transaction, but as a cross border transaction.
CAclubindia
