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2010 (1) TMI 652 - AT - Income TaxAddition - Cessation of liability - Assessee is an exporter of beverages and kitchen utensils - assessee received certain amounts as trade advance and also made substantial exports during the year under consideration - The Assessing Officer in the light of Notification No. FEMA 23/2000-RB dated 3-5-2000 issued by Reserve Bank of India (RBI for short) wherein regulations relating to export of goods and services from India were laid down, found assessee has contravened the stipulations - in the instant case as contended by the ld. C.A. vide letter dated 5-1-2005, seeking clarifications from RBI, indirectly assessee acknowledges the liability to make the repayment - Assessee also acknowledges that the assessee has used the money for investment, i.e. some other purposes than the intended exports - Accordingly, the appeal of the Revenue fails and it is dismissed
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