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Archive: March, 1995

Posts in March, 1995

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7332 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

This notification exempts material imported against a Quantity Based Advance license issued on or after 01.04.1995

March 31, 1995 370 Views 0 comment Print

Raw materials, components, intermediates, consumables, computer software and parts required for manufacture of export product specified in Part E of the said certificate (hereinafter in this Explanation referred to as the export product); or, in case of Quantity Based Advance Intermediate Licence, for manufacture and supply to holder of a Special Imprest Licence for producing final goods referred to in sub-clauses (b), (c) and (d) of clause (iii) of the Explanation in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.128/94-Customs, dated the 10th June, 1994.

This notification exempts material imported against a Value Based Advance license issued on or after 01.04.1995

March 31, 1995 304 Views 0 comment Print

Provided that Acetic Anhydride, Ephedrine, Pseudoephedrine, Vitamins, Pen-G and their derivatives in respect of which the benefit of this notification is claimed shall be utilised by the importer in his own factory or in the factory of any other manufacturer indicated in the said certificate even after discharge of export obligation.

Notification No. S.O.282(E) – Income Tax dated 31/3/1995

March 31, 1995 1095 Views 0 comment Print

Notification No.S.O.282(E) – Income Tax In exercise of the powers conferred by clause (a) of the Explanation to section 115AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Foreign Institutional Investors specified in the table below for the purposes of the said section

Circular No. 31/95-Custom Duty Dated 30/3/1995

March 30, 1995 397 Views 0 comment Print

Instances have been brought to the notice of the Board where exporters are facing difficulties in clearing their imported goods on account of objections being raised by the custom Houses with regard to endorsement of quantities/ value in the Sensitive Lists. In this regard the position is clarified as under

warehousing of imported goods

March 30, 1995 1219 Views 0 comment Print

I am directed to say that the Audit has brought to the notice of the Board a case where an importer filed a warehousing Bill of Entry for bonding certain imported goods and in this direction, he also executed a warehousing Bond as per Section 59 of the Act. The Bond was accepted by the Customs House. However

SC Judgment on Whether apparent can be considered as real?

March 28, 1995 5910 Views 0 comment Print

Explore the Supreme Court judgment in the case of Sumati Dayal vs. CIT (Commissioner of Income Tax) and understand whether the apparent can be considered as real. The judgment emphasizes the application of the test of human probabilities and surrounding circumstances in taxation matters. Learn about the key findings of the court, the relevance of the case in assessing income, and the caution against the indiscriminate application of the judgment in various scenarios.

Central Excise – Notification No. 75/95-Central Excise, Dated: 24.3.95 – Reg

March 28, 1995 454 Views 0 comment Print

Circular No. 112/23/95-CX The undersigned in directed to enclose copy Notification No. 75/95-CE dt.24.3.95* amending notification No. 1/93-CE dt. 28.2.93 so as to make certain consequential changes on account of the changes in the Central Excise Tariff relating to textiles.

Reconciliation of Accounts by Chief Accounts Officers – System defects – Regarding

March 28, 1995 391 Views 0 comment Print

Circular No. 111/22/95-CX The Principal Chief Controller of Accounts, Central Board of Excise and Customs has recently brought to the notice of the Board a case of fraud in payment of Central Excise duty by an assessee in Bombay involving a sum of Rs. 1.44 lakhs. In this case modus operandiadopted by the assessee was to forge the amounts

SEBI : Common members in the Appellate body and the Committees

March 28, 1995 229 Views 0 comment Print

In some cases the aggrieved party has a right of appeal to the Governing Board/Council of Management against the decision of the Committee.

ONGC Installations declared as Designated Areas

March 27, 1995 661 Views 0 comment Print

The undersigned is directed to refer to Ministry’s instruction F.No. 450/65/92-Cus-IV dated 28.9.94 wherein the legal position regarding levy of Customs duty on rigs brought in the designated area of the Exclusive Economic Zone and levy of excise duty on oil

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