NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40C. (1) For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the option vests with the employee, shall be determined in accordance with the provisions of sub-rule (2) or sub-rule (3).
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following additions with immediate effect at the end of Paragraph 2 Notification No. 38 (RE-2006)/2004-2009 dated 15.10.2007.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes following amendments in Notification NO.32(RE-2007)2004-09 dt.4.10.2007(with regard to export of onions).
CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been received in the Board from taxpayers requesting that the said Circular may be amended to take into account situations where genuine claim for refund arises to the person deducting the tax at source from payment to the non-resident and it does not fall in the purview of the said Circular.
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following amendments in Notification No.38 (RE-2007) 2004-09 dated 15.10.2007.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
For proof of landing, in addition to documents prescribed therein, “tracking report from goods carrier, evidencing arrival of export cargo to destination Focus Market” shall also be acceptable for grant of Focus Market Scheme benefits for exports made from 1.4.06 till 31.3.2007.
Since Advance Authorization is issued with AU condition either to manufacturer exporter or merchant exporter tied up with manufactures, it has been decided that the Regional Authorities may henceforth endorse the following End-Use Certificate clause in the condition sheet attached to the advance authorization for duty free import of Boric Acid under the Scheme.
It has been brought to the notice of this office that various customs authorities are not permitting export of rice even in cases where shipping bills have been filed and let export date given much prior to the date of ban. In this connection attention is invited to the provisions contained in paragraph 9.12 of the Handbook of Procedures Vol.I (RE-2007)/2004-09 which, inter-alia, provides as under.
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Central Excise (Adjudication), Bangalore and authorises him to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs.
