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 facts it was learnt that the goods were of perishable nature.
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 fraudulently to tune of Rs. 76.84 lacs in excess of the duty paid on the inputs during the period February, 1991 to March, 1992
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 excise duty is concerned,are identical
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 that the entire activity of cutting and re-packing was carried out under Central Excise supervision.
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 exceed Rs. 40 lakhs.
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.
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 1996-97 to 1998-99.
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 assessment years 1995-96 to 1997-98.
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
Notification No. S.O.568-Income Tax It is notified for general information that the Housing and Urban Development Corporation Ltd., Hudco House, Lodhi Road, New Delhi-110 002, 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 1995-96 to 1997-98.
