Import Purchases Dollar Rate

There is a Pvt Ltd Co makes Import Purchases.
Now, they are recognizing purchases at dollar rate which is mentioned in Bill of Entry.

Ques is 
1. Can they do so?
2. If yes, Please provide some explanation.
3. If no, then is there any remedy as the company is following the same since its incorporation.
Asked 3 years ago in Audit from New Delhi, Delhi

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Lakshita Bhandari
CA, Mumbai
1246 Answers
5.0 on 5.0
Vivek Kumar Arora
CA, Delhi
515 Answers
5.0 on 5.0
Abhishek Dugar
CA, Mumbai
2648 Answers
5.0 on 5.0
Nikhil Khanna
CA, Mumbai
403 Answers
5.0 on 5.0
Sunny Thakral
CA, Delhi
224 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
2055 Answers
5.0 on 5.0
Damini Agarwal
CA, Bengaluru
94 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
833 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
499 Answers
4.0 on 5.0