The principal notification No. 17/2001-Customs dated the 1st March, 2001 was published in the Gazette of India, (Extraordinary) vide GSR 116(E) dated the 1st March, 2001 and last amended by notification No. 36/2001-Customs dated the 31st March, 2001 vide GSR No. 239 (E).
It is reiterated that in respect of exports made under DFRC Scheme, AIR of drawback or brand rate of drawback, as the case may be, shall be available as mentioned in Para 1 above. Further AIR of Drawback in respect of export made during the period 1.4.2000 to 31.5.2000 shall also be available as mentioned in para 2 above.
DEPB benefit is available only when the inputs gone into the manufacture of export product have suffered duty. Hence, once the party has availed benefit of customs notification No.32/97, facility available under 32/97 (DEPB Scheme) are exclusive and independent of each other.
In terms of Chapter 4 of the Finance Bill, 2001, amongst other proposals of Central Excise Taxes, it has been proposed to subject ready-made garments and clothing accessories bearing a registered brand name or sold under a registered brand name, and falling under Central Excise Tariff Headings 62.01 and 62.02, to a Cenvat levy of 16% ad valorem with effect from 1.3.2001.
The proper records shall be maintained for the products under reference showing the various items of expenses comprising the other overheads. These expenses shall be analyzed, classified and grouped according to functions, namely, works, administration, selling and distribution.
Every company to which these rules apply shall, in respect of each of its financial year commencing on or after the 1st day of April, 2001 keep proper books of account containing, inter-alia, the particulars specified in Schedule I annexed to these rules and Proforma A,B,C and D, relating to the utilization of materials
It was held that while granting registration under section 12A of the Act where the objects of the assessee society were genuine, merely because it had incurred certain expenditure, which fell within the category of benefit to a person under section 13(3) of the Act and hence, the assessee society was held to be hit by the provisions of section 13(1) (c) of the Act, does not entitle the CIT to deny the exemption of income claimed under section 11 of the Act.
Brief details of cases where proof of import of duty payment has been insisted upon for claims under All Industry Rates by the Custom House may be brought to the notice of the Board.
In exercise of the power conferred by rule 3, read with rule 4 and rule 5, of the Customs and Central Exercise Duties Drawback Rules 1995, the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance, Department of Revenue, No. 41/2000-Customs(N.T.) dated 1st June, 2000, with effect from 1st March, 2001, namely.
In accordance with Regulation 59, all mutual funds are required to publish their unaudited financial results as specified in Twelfth Schedule before the expiry of two months from the close of each half.
