"March, 1999" Archive

Notification No. 2(RE-99) 97-02, Dated: 31.03.1999

Notification No. 2 (RE-99) 1997-2002 (31/03/1999)

In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.3 and 4.1 of the Export and Import Policy, 1997-2002, the Central Government hereby makes the following amendments in the ITC(HS) Classifications of Export and Import Items....

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SEBI : Y2K Preparedness Project

Circular No. FITTC/CUST/6/1999 (31/03/1999)

The custodians shall be required to keep hard copies of all the current records of their own and their clients operations as on December 30, 1999 so as to ensure continuity of the operations in the event of the systems failure/breakdown....

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Public Notice No. 02 (RE-99)/1997-2002, Dated: 31.03.1999

Public Notice No. 02 (RE-99)/1997-2002 (31/03/1999)

In exercise of powers conferred under paragraph 4.11 of the Export and Import Policy, 1997-2002, as notified in the Gazette of India extraordinary, Part-II-Section 3 – Sub-section (ii) vide S.O. No. 283(E) dated 31.3.1997, the Director General of Foreign Trade hereby notifies that the words "video films" wherever occur in Public Notice ...

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Notification No. G.S.R.354(E) – Income Tax Dated 30/3/1999

Notification No. G. S. R. 354(E) - Income Tax (30/03/1999)

Notification No. G. S. R. 354(E) - Income Tax In pursuance of clauses (a) and (d) of sub-section (1) of section 19 read with clause (a) of sub-section (1) of section 9 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), the Reserve Bank is pleased to permit mutual funds as referred to in clause (23D) of section 10 of the Income-ta...

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Notification No. S.O.193E – Income Tax Dated 30/3/1999

Notification No. S.O.193E - Income Tax (30/03/1999)

Notification No.SO 193E - Income Tax In exercise of the powers under section 80I-A of the Income-tax Act, 1961, read with sub-rule (2) of rule 18C of the Income-tax Rules, 1962, the Central Government hereby makes the following scheme for industrial park for the period beginning on the 1st day of April, 1997 and ending on the 31st day of...

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Circular No. 450/16/99-Central Excise, Dated: 30.03.1999

Circular No. 450/16/99-Central Excise (30/03/1999)

Circular No. 450/16/99-CX The Board has been perturbed with the increasing pendency of appeals including stay petitions with commissioners (Appeals). Since as per Board"s instructions issued in June, 1998 no coercive action for recovery of duty/penalty involved in the appeal is normally to be taken by field officers till the disposal of ...

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SEBI : Trading and settlement in dematerialised securities

SMD/POLICY CIR-05/99 (30/03/1999)

It has therefore been decided to postpone the date for compulsory dematerialised trading in these scrips by institutional investors and OCBs to a date which would be announced after they complete the formalities....

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SEBI : All Registered Merchant Bankers

Circular No. 4 (98-99) (30/03/1999)

Subject to the provisions of Regulation 3 (2A ) of SEBI Merchant Bankers (Amendment) Regulation, 1997, a merchant banker can carry on Portfolio Management activities...

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Circular No. 775-Income Tax Dated 26-3-1999

Circular No. 775-Income Tax (26/03/1999)

Circular No. 775-Income Tax Section 80DD, substituted for sections 80DD and 80DDA by the Finance (No. 2) Act, 1998, lays down that the deduction on ac­count of expenditure incurred by way of medical treatment (in­cluding nursing), training and rehabilitation of a handicapped dependant or amount paid or deposited in...

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Notification No.15/99 – Central Excise; Dated: 26.03.1999

Notification No. 15/1999-Central Excise (26/03/1999)

the manufacturer maintains an account of the quantity of cement cleared in bulk from the factory, the quantity of the cement received at the declared bagging plant, and the cement cleared in bags from the bagging plant thereafte....

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Notification No. S.O.923 – Income Tax Dated 24/3/1999

Notification No. S.O.923 - Income Tax (24/03/1999)

Notification No.S. O. 923 - Income Tax It is notified for general information that enterprise, listed at para. (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 1998-99, 1999-2000 and 2000-2001...

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Notification No. 922/1999 – Income Tax Dated 24/3/1999

Notification No. 922/1999 - Income Tax (24/03/1999)

Notification No. 922 - Income Tax It is notified for general information that Andhra Bank Housing Finance Ltd., 1st Floor, United India Insurance Building, Basheerbagh, Hyderabad-500029, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 19...

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Notification No. S.O.921 – Income Tax Dated 23/3/1999

Notification No. S.O.921 - Income Tax (23/03/1999)

Notification No.S. O. 921 - Income Tax It is notified for general information that enterprise, listed at para. (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 1998-99, 1999-2000 and 2000-2001...

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Notification No. S.O.181(E) – Income Tax Dated 23/3/1999

Notification No. S.O.181(E) - Income Tax (23/03/1999)

Notification No.S. O. 181(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 assets, referred to as the long-term specified assets, for the purposes of the said section, namely...

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Circular No. 449/15/99-Central Excise, Dated: 23.03.1999

Circular No. 449/15/99-Central Excise (23/03/1999)

Circular No. 449/15/99-CX References have been received from the field formations regarding doubts on the dutiability of waste packages/containers used for packaging Modvatable inputs when cleared from the factory of manufacturer availing Modvat Credit. The doubt arose in view of conflicting judgments of CEGAT rendered in the case of M/s...

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Circular No. 448/14/99-Central Excise, Dated: 23.03.1999

Circular No. 448/14/99-Central Excise (23/03/1999)

Circular No. 448/14/99-CX I am directed to refer to the provisions of Notification No. 56/98-Cus. dated 1.8.98 (earlier Notification No. 29/98 dated 2.6.98 and 34/98 dated 13.6.98). In terms of serial no. 12 of the table annexed to this notification and mutates mutandis, under the corresponding entries in the earlier notifications , all ...

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Carriage of domestic Cargo in Air-India Flights.

Circular No. 15/99-Custom Duty (22/03/1999)

M/s Air-India has requested to carry domestic Cargo on International flights on the grounds that the majority of Air-India Flights originate at Mumbai and touch another Domestic point on its way to foreign airport. It has ample capacity to uplift domestic Cargo between these two ports. M/s Air India has also requested that to allow them...

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Circular No. 447/13/99-Central Excise, Dated: 22.03.1999

Circular No. 447/13/99-Central Excise (22/03/1999)

Circular No. 447/13/99-CX I am directed to say that on dismissal of Departments appeals by Supreme Court on 2.9.97 in the case of CCE v. M/s Ram Body Builders [1997 (94) ELT 442 (SC)], various references have been received for a clarification regarding the Department"s stand on classification of body built on duty paid chassis by the ind...

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Issue of Licences under Duty Exemption Scheme for the import of Natural Rubber

SALC Circular No.11/98-99 (18/03/1999)

Attention is also invited to the provisions of paragraph 7.16 of the EXIM Policy read with paragraph 7.13 of the Handbook of Procedure (Vol.I) 1997-2002 according to which indigenous procurement of an importable item endorsed on duty free licence can also be made without getting an ARO, based on the back-to-back L/C from a Bank. This opti...

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Reference to document outside the record & law impermissible when applying provision of section 154

Commissioner Of Income Tax Vs Keshri Metal Pvt. Ltd. (Supreme Court of India)

CIT V Keshri Metal Pvt Ltd. (1999) 237 ITR 165 SC- Under the provisions of Section 154 there has to be a mistake apparent from the record. In other words, a look at the record must show there has been an error, and that error may be rectified. Learned counsel for the revenue has not been able to satisfy us that it shows any apparent error...

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Circular No. 774-Income Tax Dated 17-3-1999

Circular No. 774-Income Tax (17/03/1999)

Circular No. 774-Income Tax Section 197(1) of the Act envisages that, where tax is deduct­ible at source in terms of sections 192, 193, 194, 194A, 194D, 194-I, 194K and 195 of the Income-tax Act, and the recipient justifies the deduction of tax at any lower rate or no deduction of tax to the satisfaction of the Assessing Officer, the Ass...

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Circular No. 446/12/99-CX, Dated: 17.03.1999

Circular No. 446/12/99-Central Excise (17/03/1999)

Circular No. 446/12/99-CX A dispute has been raised regarding classification of "Phenyl" manufactured by M/s. Bengal Chemicals & Pharmaceuticals Ltd., whether under sub-heading 3808.90 - as others or 3808.10 - as pesticide....

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Circular No. 445/11/99-Central Excise, Dated: 17.03.1999

Circular No. 445/11/99-Central Excise (17/03/1999)

Circular No. 445/11/99-CX Your attention is drawn to the Para 7 of the Circular which specifies the procedure for examination of goods at the port/place of export in cases goods are cleared under the aforesaid special facility. Subsequently, the Customs Wing of the Board has issued a comprehensive Circular (no. 90/98 - Cus. IV dated 08....

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This notification imposes anti dumping duty on Fused Magnesia originating in or exported from People”s Republic of China

Notification No. 35/1999-Customs (17/03/1999)

Therefore, in exercise of the powers conferred by sub-section (1) of section 9A of the said Customs Tariff Act, read with rule 18 and rule 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, after considering the a...

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Export of sands and soils to Maldives-Monitoring regarding

Policy Circular No. 70 (RE-98)/98-99 (16/03/1999)

In view of various representations received regarding monitoring of above quantity of Stone aggregate and river sand to Maldives , it has now been decided that the above ceiling shall be monitored by Chemicals and Allied Products Export Promotion Council (CAPEXIL ). The Capexil will issue NOC each year to the extent of ceiling of Stone Ag...

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Circular No. 14/99-Custom Duty Dated 15/3/1999

Circular No. 14/99-Custom Duty (15/03/1999)

Instances have come to notice of the Department where DEPB scrips were obtained by unscrupulous exporters by presenting S/Bs with forged examination reports and "let export" orders alongwith forged BRCs, etc. In some of such cases even the verification endorsements by Customs authorities on DEPB scrips have been apparently forged. It has,...

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Circular No. 13/99-Custom Duty Dated 15/3/1999

Circular No. 13/99-Custom Duty (15/03/1999)

Representations from trade Associations and references from the field offices have been received in the Board to extend additional various facilities under DEPB Scheme to various Customs Stations...

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Circular No. 12/99-Custom Duty Dated 15/3/1999

Circular No. 12/99-Custom Duty (15/03/1999)

I am directed to refer to custom Notification No. 18/99-Cus. dated 11.2.99, wherein second-hand computer and computer peripherals including printer, plotter, scanner, monitor, key-board and storage unit has been exempted from custom duties, when received as donation by a schools run by Central Government, State Government, Government of U...

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Circular No. 444/9/99-Central Excise, Dated: 12.03.1999

Circular No. 444/9/99-Central Excise (12/03/1999)

Circular No. 444/9/99-CX I am directed to draw your attention to Board"s Circular No. 5/83-CX.6 ( F.No. 210/29/81-CX.6) dated 10.3.83, wherein it has been directed, inter alia, that immediately on receipt of objection from the Accountant-General"s Audit Party, demand-cum-show-notice should be issued without any loss of time even if the C...

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Circular No. 443/9/99-Central Excise, Dated: 11.03.1999

Circular No. 443/9/99-Central Excise (11/03/1999)

Circular No. 443/9/99-CX It has been brought to the notice of the Board that cess is not being collected on "Instant Tea" under the provisions of the Tea Act, 1953 resulting into various Audit Objections....

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Circular No. 11/99-Custom Duty Dated 10/3/1999

Circular No. 11/99-Custom Duty (10/03/1999)

Reference have been received from the field to clarify the date on which a DEPB scrip must be valid in order that the applicable customs duty may be debited in the scrip...

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Circular No. 10/99-Custom Duty Dated 10/3/1999

Circular No. 10/99-Custom Duty (10/03/1999)

Circular No. 6/99-Cus. dated 17.2.99 has been issued to clarify that the DEPB rate for processed cotton made-ups other than grey" would be admissible for cotton made-ups made from yarn dyed fabric where the yarn dyed fabric has undergone any of the processes mentioned in that Circular, after weaving . However, representation has been rec...

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Notification No. S.O.155(E) – Income Tax Dated 9/3/1999

Notification No. S.O.155(E) - Income Tax (09/03/1999)

Notification No.S. O. 155(E) - Income Tax (a) the 17% (Taxable) Secured Redeemable Non-convertible MTNL Bonds (12th Series) (Part A) bearing distinctive numbers from 1 to 200000 of rupees one thousand each of the aggregate value of rupees twenty crores only...

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Notification No. S.O.154(E) – Income Tax Dated 9/3/1999

Notification No. S.O.154(E) - Income Tax (09/03/1999)

Notification No.S. O. 154(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 7-years 9% National Bank for Agriculture and Rural Development (NABARD) Tax-free Bonds-2004 (I-Series) of Rs. 1,00,000 ...

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Notification No. S.O.153(E) – Income Tax Dated 9/3/1999

Notification No. S.O.153(E) - Income Tax (09/03/1999)

Notification No.S. O. 153(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 10.5% Tax-free Indian Renewable Energy Development Agency Energy Bonds (Series IV) of Rs. 1,000 each for an amount of ...

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Notification No. S.O.152(E) – Income Tax Dated 9/3/1999

Notification No. S.O.152(E) - Income Tax (09/03/1999)

Notification No.S. O. 152(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 7-years 10.5% Tax-free (2004-VIIth Series) Secured Redeemable Bonds of Rs. 20,000 each for an amount of Rs. 305 crores...

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Notification No. S.O.151(E) – Income Tax Dated 9/3/1999

Notification No. S.O.151(E) - Income Tax (09/03/1999)

Notification No.S. O. 151(E) - Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 7-years 8.75% per annum (Tax-free) Rural Electrification Corporation Bonds-2004 (XXXIII Series) bearing distinctive num...

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Circular No. 9/99-Custom Duty Dated 9/3/1999

Circular No. 9/99-Custom Duty (09/03/1999)

The Comptroller and Auditor General of India, in para 3.2 of its report for the year ended March, 1997 has pointed out the lapses on the part of Commissionerate in communicating Board"s instructions having financial implications to its attached filed offices/units which had caused loss of revenue worth Rs. 5.92 lakhs. The said instruction...

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SEBI : Amendment to listing agreement- clause 32 and 41 related to disclosure of status on Y2K preparedness

SMD/POLICY CIR-04/99 (08/03/1999)

The Risk to the Company due to Year 2000 bug The companies should list the operations, processes, functions, which could be adversely affected due to the Year 2000 problem....

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Notification No. 42 (RE-98)/1997-2002, Dated: 05.03.1999

Notification No. 42 (RE-98) 1997-2002 (05/03/1998)

In exercise of the powers conferred under Section 5 of the Foreign Trade ( Development & Regulations) Act, 1992 ( No. 22 of 1992 ) read with Paragraph 1.3 of the Export and Import Policy, 1997-2002, as amended , the Central Government hereby makes the following amendment in the Export and Import Policy, 1997-2002....

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Circular No. 08/99-Custom Duty Dated 4/3/1999

Circular No. 08/99-Custom Duty (04/03/1999)

It has been brought to the notice of the Board that the Customs Commissionerate, Pune has recently detected a case of Customs Duty evasion of over Rs. 27 crores by M/s HPCL, Loni, Pune, who receive petroleum products like HSD, Kerosene, etc. from M/s IOC through pipeline from Mumbai to Pune. It was found that the price declared by M/s IOC...

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Circular No. 442/8/99-Central Excise, Dated: 04.03.1999

Circular No. 442/8/99-Central Excise (04/03/1999)

Circular No. 442/8/99-CX I am directed to refer to Notification No. 8/97-CE dated 1.3.97 which exempts the finished products, rejects and waste or scrap, produced of manufactured in a 100% EOU or FTZ wholly from raw-materials produced or manufactured in India, and allowed to be sold in India, from so much of duty of excise leviable there...

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Notification No. S.O.138(E) – Income Tax Dated 3/3/1999

Notification No. S.O.138(E) - Income Tax (03/03/1999)

Notification No.S. O. 138(E) - Income Tax In exercise of the powers conferred by sub-clause (ii) of clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Indbank Invesco (Offshore) Fund, set up under trust deed dated July 31, 1996, by Indian Bank and approved by the Securities and Ex...

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Admissibility of made ups made out of yarn dyed fabrics for DEPB credit.

Circular No. 7/99-Custom Duty (03/03/1999)

I am directed to invite your attention to a number of cases which have been detected at various Customs stations wherein drawback was claimed fraudulently by filling drawback claims for which no export had actually been made. ADO letter F.No. 009/430/98-DBK dated 30.10.1998 has already been issued to all Chief Commissioner and Commissione...

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