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Provided that the Board may restrict the certificate of registration to providing custodial services either in respect of securities or in respect of gold or gold related instruments of a client.
A doubt has arisen in cases where customs duty is chargeable on ad-valorem basis, whether there would be any requirement for determination of the quantity of the goods as the basis for levy of customs duty would be the transaction value, i.e., invoice price and not the quantity.
Now, in view of the Department’s Review Petition in the case of Commissioner of Customs, Calcutta, Vs. Indian Oil Corporation Limited being dismissed by the Hon’ble Supreme Court, all pending provisional assessments in respect of importation prior to 02.03.2001 may be finalized accordingly.
The matter has been considered by the Board and it has been decided that all pending cases involving lighterage charges would be finalized on the basis of World Scale Rates and AFRA wherever available. In case of minor ports where WSO rates along with AFRA are not available, the concerned Commissioners should direct the shipping companies to get the WSO rates fixed.
Circular No.01/2006-Income Tax Section 80-IA of the Income-tax Act, 1961, inter alia, provides for 100% deduction of profits and gains derived by an enterprise carrying on the business of (i) developing or (ii) operating and maintaining or (iii) developing, operating and maintaining any infrastructure facility which fulfils all the following conditions
The application for grant of credit under Vishesh Krishi Upaj Yojana may be made to the licensing authority concerned in the Aayaat Niryaat Form along with the documents prescribed therein. The applicant may file one or more applications subject to the condition that each application shall contain not more than 25 shipping bills. All the shipping bills in any one application must relate to exports made from one Customs House only.
