Under invoicing in case of export

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nisha harchandani (Querist)
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11 June 2012 Hello sir,

We are about to export out of india in this relation wants information whether invoicing of the product can be done at the rate less then the purchase cost?

Whether such transaction of under invoicing is possible or allowed in export? Whether income tax also approved such transaction in case of any scrutiny by income tax department?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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11 June 2012 till the existance the company

If an IEC holder does not wish to operate the allotted IEC number, he may surrender the same by informing the issuing authority. On receipt of such intimation, the issuing authority shall immediately cancel the same and electronically transmit it to DGFT for onward transmission to the Customs and Regional Authorities.