Suppose we have imported goods for around INR 100 L.
However, due to low quality / defective goods, the value is being reduced and assesed to INR 70L and accordingly we will be making payment of INR 70L only to the supplier, & give the debit note to the supplier for balance INR 30L and this 30L will never be paid.
What are the provision/steps to be taken under indian laws (RBI/ Fema, customs) ,or any other relevant law, in order to avoid all kind of consequences which may arise in future.
Please provide your valuable views on this.
CAclubindia
