"December, 1997" Archive

Conversion of SBs into Drawback SBs – Factual Raport from Commissionerates

Circular No. 74/97-Custom Duty (30/12/1997)

Attention is invited to this Ministry's guidelines circulated under letters F.No. 602 /7/ 70-DBK dated 1.6.1970 and 28th June, 1973 on the above subject...

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Notification No. S.O. 910(E) – Income Tax Dated 26/12/1997

Notification No.S.O. 910(E) - Income Tax (26/12/1997)

Notification No.S.O. 910(E) - Income Tax In exercise of the powers conferred by sub-section (1) of section 54EA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following shares and debentures as specified securities for the purpose of the said section, namely...

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Notification No. S.O. 909(E) – Income Tax Dated 26/12/1997

Notification No.S.O. 909(E) - Income Tax (26/12/1997)

Notification No.S.O. 909(E) - Income Tax In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following shares and debentures as specified securities for the purpose of the said section, namely...

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Misuse of Excise Exemption by EOU

Circular No. 73/97-Custom Duty (23/12/1997)

It has been brought to the notice of the Board that a 100% EOU has cleared cotton yarn manufactured from duty free locally procured cotton yarn and imported Poly Vinyl Acetate, to Domestic Tariff Area, by availing of the exemption notification No. 8/ 97-CE dated 1.3.97. The notification No. 8/97-CE stipulates that benefit would be availab...

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Transportation of imported goods for re-warehousing – Insurance is compulsory

Circular No. 72/97-Custom Duty (23/12/1997)

I am directed to refer to Board's Circular No. 41/ 97-CUS dated 19.9.97 (F.No. 473/ 31/ 97-LC) on the subject cited above and to inform that the said Circular may be treated as amended as follows...

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Conversion of PB SBs into DBK SBs

Circular No. 71/97-Custom Duty (23/12/1997)

Representations have been received from Exporters for grant of credit under the erstwhile passbook scheme, announced in para 54 of the Exim Policy (1992-97), for certain export consignments for which shipping bills were filed prior to 31.3.97, but where the date of bill of lading or mate receipt falls after 31.3.97. The date of export, as...

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SEBI : EDs/M.Ds. of all Stock Exchanges

SMD/POLICY/CIR-35/97 (22/12/1997)

Please refer to the clarification No. XXI to the Guidelines for Disclosure and Investor Protection providing for 100% book building process for new issues which was communicated to the stock exchanges vide SEBI Circular No. SMD/POLICY/CIR-33/97 dated December 05, 1997. ...

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Circular No. 367/83/97-Central Excise Dated 19/12/1997

Circular No. 367/83/97-Central Excise (19/12/1997)

Circular No. 367/83/97-CX The Budget of 1994 brought forth ad voleram rate of duty on various mineral oil products which were earlier chargeable to specific rate of duty on the basis of per K.L. at 15 degree centigrade. In light of aforesaid change, Representations have been received from the field formations regarding the problems being...

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Circular No. 366/82/97-Central Excise Dated 18/12/1997

Circular No. 366/82/97-Central Excise (18/12/1997)

Circular No. 366/82/97-CX With the advent of liberalisation, many of the parts and components of machineries and house-hold appliances including items such as televisions, music systems, etc., have been allowed for import without import licence though the equipment itself is not yet allowed for import or is allowable under Special Import...

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EHTP Units inside / outside the Complex – Realignment of Procedure

Circular No. 70/97-Custom Duty (16/12/1997)

I am directed to enclose a copy of the Notification No. 86/ 97 dated 24.11.97 and to say that the above Notification has been issued to bring parity of the provisions for the units availing of the exemptions under Notification No. 95/ 93-Cus. & 96/ 93-Cus both dated 2.3.1993 and Notification No. 133/ 94- Cus. dated 2.6.1994...

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Circular No. 365/81/97-Central Excise Dated 15/12/1997

Circular No. 365/81/97-Central Excise (15/12/1997)

Circular No. 365/81/97-CX I am directed to refer to notification No. 48/97-CE(NT) dated 2nd September, 1997 issued under Section - 12 of the Central Excises Act, 1944 amending notification No. 68/63-CE dated 4th May, 1963, making Section - 142 (1) (c) (ii) of the Customs Act, 1962 applicable to like matters in Central Excise, thereby emp...

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Circular No. 364/80/97-Central Excise Dated 15/12/1997

Circular No. 364/80/97-Central Excise (15/12/1997)

Circular No. 364/80/97-CX Despite clear instructions from the Board in regard to the subject, a number of instances are still coming to notice where Commissioners are proposing appeals against CEGAT Orders in cases other than involving determination of any question having a relation to the rate of duty or value of goods for purposes of ...

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SEBI : Conversion of individual membership into corporate membership

SMD/POLICY/CIR-34/97 (11/12/1997)

We have been receiving requests from stock exchanges seeking clarification regarding trading rights of the members who are corporatising their individual membership, pending SEBI Registration....

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Delegation of powers to Commissioner and Chief Commissioner

Notification No. 62/1997-Central Excise (N.T.) (11/12/1997)

Powers to Chief Commissioners/Commissioners of Central Excise. - In exercise of the powers conferred by clause (a) of section 37A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby directs that the powers exercisable by the Central Board of Excise and Customs under the provisions of the Central Excise Rules, 1944,...

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Southern Switchgears Ltd. v. CIT (Supreme Court) 1998 232 ITR 359

Southern Switch Gear Ltd Vs CIT And Another (Supreme Court of India)

Civil Appeals Nos 6082, 6083, 6084, 6085 and 6086 of 1990 and 5516 of 1997 (Appeals from the judgment and order dated March 29, 1983 of the Madras High Court in Tax Cases Nos 1065-69 of 1977 and 1070-74 of 1977),...

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Circular No. 363/79/97-Central Excise Dated 10/12/1997

Circular No. 363/79/97-Central Excise (10/12/1997)

Circular No. 363/79/97-CX Doubts have been raised whether grey woven paid fabrics after float cutting are classifiable under chapter heading 5801.21 of the CETA, 1985 as grey woven pile fabrics or under chapter heading 5801.22 as processed pile fabrics....

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Circular No. 362/78/97-Central Excise Dated 9/12/1997

Circular No. 362/78/97-Central Excise (09/12/1997)

Circular No. 362/78/97-CX It has been brought to the notice of the Board that there are number of show cause notices on the same issue within a Commissionerate which can be decided by different adjudicating officers at different levels on the basis of monetary limit specified in the Board"s Circular No. 299/ 15/97-CX dated 27.2.97 as mod...

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Revised Guidelines for determination / verification of the Present Market Value (PMV) under DEPB Scheme

Circular No. 69/97-Custom Duty (08/12/1997)

Attention is invited to Circular No. 15/97-Csu dt. 3.6.97. The instructions contained in Para 3, 4, & 5 of the above Circular, in sofar as they relate to verification of the Present Market Value (PMV) under DEPB Scheme, are hereby superceded by the Guidelines in this Circular...

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SEBI : E Ds/M.Ds. of all Stock Exchanges

SMD/Policy/CIR-33/97 (05/12/1997)

SEBI has issued clarification No. XXI to the guidelines for disclosure and investor protection providing for 100% book building process for new issues. In this connection, a copy of the circular RMB (DIP) Series Circular No. 2 (97-98) dated October 27, 1997 is enclosed for your reference....

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Notification No. S.O. 815(E) – Income Tax Dated 3/12/1997

Notification No.S.O. 815(E) - Income Tax (03/12/1997)

Notification No.S.O. 815(E) - Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government specifies 11.5 per cent.--20 year Industrial Reconstruction Bank of India Bonds (Taxable) (18th series) bearing distinctive numbers...

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Circular No. 361/77/97-Central Excise Dated 3/12/1997

Circular No. 361/77/97-Central Excise (03/12/1997)

Circular No. 361/77/97-CX General Exemption 4/97 dated 1st March, 1997 gives concessional rate of duty or a nil rate of duty at Sr. No. 55, 56 & 59 on certain articles of plastics subject to the conditions that Modvat Credit has not been taken on inputs used in the manufacture of such goods....

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Circular No. 360/76/97-Central Excise Dated 3/12/1997

Circular No. 360/76/97-Central Excise (03/12/1997)

Circular No. 360/76/97-CX I am directed to refer to the Board"s Circular No. 333/49/97-CX dated 10.9.1997 wherein guidelines regarding classification of products under the Central Excise Tariff Act, 1985, which are claimed by the manufacturers as Ayurvedic medicines, were issued....

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SEBI : EDs/M.Ds. of all Stock Exchanges

SMD/POLICY/CIR-32/97 (03/12/1997)

The Center will provide for dummy terminals to display the prices of the scrips listed on the Exchange on realtime basis, to enable investors watch the price movements of the stocks....

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Circular No. 68/97-Custom Duty Dated 2/12/1997

Circular No. 68/97-Custom Duty (02/12/1997)

Various representations have been received from Trade/ Exporters that wherever final goods exported by them are not liable to Central Excise duty, in such cases, the exporters are unable to avail of Modvat Credit of additional customs duty (CVD) paid in cash on imported inputs, or excise duty paid on indigenous inputs, utilised in the pro...

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Duty Free Imports on Nodal Ministry’s Certificate

Circular No. 67/97-Custom Duty (02/12/1997)

I am directed to refer/ notification 84/97-Cus. dated 11.11.97 which exempts goods imported into India by the United Nations or, an International Organisation for execution of the projects financed by them from the duty of customs and additional duty and special Customs duty...

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Income Tax: Firm and partners are separate legal entities

Commissioner Of Income Tax vs Nagpur Golden Transport Co. (Delhi High Court)

The scheme of the IT Act, 1961, shows that the firm and its partners are treated as two separate legal entities so far as the provisions of tax law are concerned. While framing an order of assessment under the provisions of the IT Act, 1961, the firm and its partners are to be treated as two separate legal entities and payment of interest...

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