"February, 1996" Archive

Circular No. 179/13/96-CX Dated 29/2/1996

Circular No. 179/13/96-CX (29/02/1996)

Circular No. 179/13/96-CX Attention of the Board has been invited to difficulties faced by the manufacturers in availing the credit under rule 57G/ 57T where:- (i) the Bill of Entry has been filed in the name of the registered office/ head office of the manufacturer for the inputs to be used in his factory....

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Warehousing of goods- Fresh instructions

Circular No. 13/96-Custom Duty (28/02/1996)

I am directed to refer to an audit objection from C & AG received by the Board wherein the Audit has pointed out that the Department had failed to initiate timely action under section 72 of the Customs Act, 1962 in respect of the consignment of imported and bonded ship stores leading to the loss of Government Revenue. On ascertaining the ...

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Circular No. 178/12/96-CX Dated 28/2/1996

Circular No. 178/12/96-CX (28/02/1996)

Circular No. 178/12/96-CX During oral evidence before the Pubic accounts Committee on Audit para 3.48/91-92 on the Report of the C & AG of India for the year ending 31.3.1992 the matter regarding fraudulent availment of Modvat Credit by M/s. Sipani Automobiles Ltd. Bangalore, a manufacturer of motor -cars who took Modvat Credit fraudulen...

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Excise on goods manufactured prior to March 1, 1978 but removed on or after March 1, 1978?

Collector Of Central Excise,Hyderabad Etc. Vs. M/S. Vazir Sultan Tobacco Company Limited, Hyderabad Etc. (Supreme Court of India)

The special excise duty was being levied from 1963 upto 1971 by various Finance Acts passed from time to time. It was discontinued from 1972 until 1978 when it was revived by the Finance Act, 1978. Thereafter, it was being levied from year to year by annual Finance Acts.The provisions of these Finance Acts,insofar as the levy of special e...

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Exports of fabrics after cutting and packing under claims of rebate – Regarding

Circular No. 176/10/96-CX (27/02/1996)

Circular No. 176/10/96-CX It has been reported that, in practice, the Divisional Assistant Commissioners had been granting permissions for cutting and re-packing of duty paid fabrics received in lump form, after proper identification vis-a-vis the duty paid document. Supervision charges were also collected in such cases which indicate th...

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Circular No. 737-Income Tax Dated 23-2-1996

Circular No. 737-Income Tax (23/02/1996)

Circular No. 737-Income Tax Sections 44AD and 44AE were inserted in the Income-tax Act, 1961, by the Finance Act, 1994, w.e.f. 1st April, 1994. Section 44AD provides for a method of estimating income from the business of civil construction or supply of labour for civil construction work, where the gross receipts from the business do not e...

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SEBI : SMD/RCG/PJ/671/96

SMD/RCG/PJ/671/96 (22/02/1996)

In case of new issues, the stock exchanges decided that they would reach an agreement whereby every exchange would grant listing permission to the company's share individually, but would allow trading only after the shares are granted listing permission by all stock exchanges named in the prospectus for enlisting of shares....

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Notification No. S.O.630-Income Tax Dated 22/2/1996

Notification No. S.O.630-Income Tax (22/02/1996)

Notification No. S.O.630-Income Tax It is notified for general information that the SBI Home Finance Ltd., Nagaland House, 11 and 13, Shakespeare Sarani, Calcutta-700 071, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years ...

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Notification No. S.O.631-Income Tax Dated 22/2/1996

Notification No. S.O.631-Income Tax (22/02/1996)

Notification No. S.O.631-Income Tax It is notified for general information that the Cent Bank Home Finance Ltd., Flat No. 1, Plot No. 51, Arera Hills, Hoshangabad Road, Bhopal-462 011, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the asse...

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Value Based Advance Licensing Scheme – Over valuation of import items in the application for Advance Licence

Circular No. 23/96- Custom Duty (19/02/1996)

Commissioner of Customs, Bombay has informed that in a number of cases the exporters while applying for Value Based Licences often state inflated unit prices in the application in order to obtain a licence for a higher CIF value so long as they are able to meet the ...

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