One of our client have received a notice for Foreign Exchange Credit used by the client. Our client has purchased and sold goods to china and received the tax paid certificate from the said Chinese Firm. We have utilized the said foreign exemption while paying the tax. Now the Income Tax department has issued the notice that the said exemption cannot be utilized. Now we have to draft a Reply to this notice and I am unable to do the same. Can you tell me how tho draft notice like what is to be mentioned which documents to take along with us while meeting the Assessing Officer. Format of the same if made available is appreciable. Reply requested as soon as possible.
CAclubindia
