Notification No. S. O. 2116-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 the Income-tax Act, 1961 (43 of 1961), and the powers conferred on me by the Central Board of Direct Taxes, New Delhi, vide Notification No. 9565/F. No. 279/129/93-ITJ (Pt. II), dated July 5, 1994, and S. O. No, 504, dated July 5, 1994, and all other powers enabling me in this behalf and in partial modification of Notification No. 1/97-98
Clarification on import of canalised items in India. Only canalising agencies like Indian Oil Corporation can import, not individual importers.
Circular No. 415/48/98-CX I am directed to draw your attention to para 5.2 of the Board”s Circular No. 81/81/94-CX dated 25/11/1994 and para 6.2 of Board”s Circular No. 87/87/94-CX dated 26/12/94, wherein it has been provided that where the AR4 indicates that the export is in discharge of an export obligation under a Quantity-based Advance License or a Value based Advance Licence issued under the Duty Exemption Scheme, the consignment should invariably be examined and sealed by the Superintendent of Central Excise himself.
Regln 6(a) was amended stipulating that the applicant for a temporary licence should be a graduate from a recognized university and have experience of Customs clearance work for a period of not less than three years inthe capacity of form ‘G’ pass holder, in addition to the other earlier existing conditions. The commissioner could relax this period from 3 years to 1 year for reasons to be
