(1) The principal notification No.56/2002-Central Excise, dated the 14th November, 2002 was published in the Gazette of India, vide number G.S.R. 764 (E), dated the 14th November, 2002 and was last amended by notification No. 79/2003-Central Excise, dated the 22nd December, 2003, [G.S.R. 962 (E), dated the 22nd December, 2003.
The amendment to the ITC (HS) policy updates import regulations, quality standards, and licensing for several goods, including textiles and vehicles.
In exercise of the powers conferred by rule 3, read with rules 4, of the Customs and Central Excise Duties Drawback Rules, 1995, the Central Government, hereby makes the following amendments in the notification of the Government of India in the erstwhile Ministry of Finance and Company Affairs (Department of Revenue), No.26/2003-CUSTOMS(N.T.), dated the 1st April, 2003, with effect from 9th February, 2004.
In the wake of changes effected in the duties of Customs and Central Excise on 8.1.2004, Government has revised the All Industry Rates of duty drawback notified in the Duty Drawback Table, 2003-2004, by amending the relevant Notification No.26/2003-Customs (N.T.) dated 1.4.2003.
Section 72A of the Income-Tax Act, 1961, contains provisions relating to carry-forward and set-off of accumulated loss and unabsorbed depreciation allowance in case of re-organisation of business by way of amalgamation or demerger, etc. Section 72A has undergone a number of amendments since the year it was inserted in the Income-Tax Act, vide Finance (No.2) Act, 1977, with effect from 1.4.1978.
Recently, the Special Bench of the ITAT, Mumbai, has rendered a judgement in the case of Walkeshwar Triveni Co-op. Hsg. Society Ltd. Vs. ITO [2003] 80 TTJ 673 (Mumbai) (SB), which has generated lot of controversy in the legal circles. This judgement has unsettled the well settled legal position in respect of the tax-treatment regarding the transfer fees received by a co-operative housing society.
