On for import of sports weapons by ‘Renowned Shooters’ shall be made to the concerned RA of DGFT. The list of RAs of DGFT along with their addresses and jurisdiction has been provided in Appendix 1 of HBPv1. A copy of this Appendix is available on DGFT website at www.dgft.gov.in.
Attention is invited to Notification No. 88 dated 26.2.2009 and the Policy Circular No. 77 dated 31.03.09 on the above subject and to inform that the provision at Sl. No. 3(c) of the said circular stands amended as follows.
In exercise of the powers conferred by sub-section (2) of section 8B of the Customs Tariff Act, 1975 (51 of 1975), read with rules 10 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government hereby rescinds notification of the Government of India in the Ministry of Finance (Department of Revenue) notification No. 25/2009- Customs, dated the 23rd March, 2009, published in the Gazette of India ,Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.186(E), dated the 23rd March, 2009, except as respects things done or omitted to be done before such rescission.
Nothing contained in this notification shall apply to imports of Dimethoate Technical from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the said Act, other than People”s Republic of China.
The term formulation” used here may include products, which may contain portions / extracts of plants on the prohibited list. Further the term “formulation” shall also include value added formulations as well as herbal ayurvedic, and exports subject to the provisions of CITES or Wild Life (Protection) Act, 1972 in case where the formulation contains species listed therein.
Automobile industries, having R&D registration, are allowed to make free import of reference fuels (Petrol and Diesel) which are not manufactured in India, upto a maximum of 5 KL per annum, subject to the condition that the said imported reference fuels shall be used for R&D and emission testing purposes only.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992 (No.22 of 1992) read with paragraph 1.2 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the Foreign Trade Policy, 2009-2014 as contained in Annexure to this notification. The Policy shall come into force w.e.f. 27th August, 2009.
Educational institutes having multiple objectives, including imparting education, cannot be denied the benefit of income tax exemption, the Delhi High Court has ruled. Allowing a petition of Jaypee Institute of Information Technology Society (JIITS), a division Bench headed by Justice A K Sikri asked the Director General of Income Tax to register the deemed university under the Income Tax Act and provide tax benefits.
In cases, where the earlier authorization has been cancelled and a new authorization has been issued in lieu of the earlier authorization, application fee paid already for the cancelled authorisation will now be adjusted against the application fee for the new authorisation subject to payment of minimum fee of Rs. 200.
The Central Board of Direct Taxes (CBDT) has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
