In exercise of the powers conferred by clause (ii) of section 133 of the Finance Act, 2007 (22 of 2007), the Central Government, hereby appoints the 25th day of January, 2008 as the date for the purposes of clause (ii) of the said section.
The principal notification No. 2/2006-Central Excise (N.T.), dated the 1st March, 2006, was published vide number G.S.R. 113(E), published in the Gazette of India, Extra ordinary, Part II, Section 3, sub-section (i) dated the 1st March, 2006 and was last amended by notification No. 14/2007-Central Excise (N.T.), dated the 1st March 2007, vide number G.S.R. 154 (E), dated the 1st March, 2007.
The prohibition imposed by this Notification on export of non-basmati rice shall not be applicable to export of 50,000 MT of rice to Madagascar through STC, and 25,000 MT of rice to Comoros and 9,000 MT of rice to Mauritius through MMTC.
The matter has been examined by the Board. In terms of Para 3.6.4.5 of the Foreign Trade Policy (FTP) the duty credit earned under SFIS may be used for import of items mentioned therein provided they are freely importable under ITC(HS) Classification of Export and Import Items. Similar provisions are there in the FTP under the Target Plus Scheme ( Para 3.7.6 of the relevant Policy).
The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i) vide number G.S.R. 118 (E), dated the 1st March, 2002 and was last amended by notification No.123/2007-Customs, dated the 31st December, 2007 which was published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section(i) vide number G.S.R. 797(E), dated the 31st December, 2007.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments / modifications in Handbook of Procedure.
Notification No. 13-Income Tax It is hereby notified for general information that the organization shri A.M.M. Murugappa Chettiar Research Centre, Chennai, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act. 1961 (said Act), read with rules 5C and 5D of the Income-tax Rules, 1962 (said Rules) with effect from 1-4-2004 in the category
Notification No. 12-Income Tax It is hereby notified for general information that the organization Indian Institute of Technology Bombay, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2006 in the category
THE Mumbai tribunal has recently said that for the purpose of scrutinising the assessee’s income, the assessing officer (AO) can issue a notice only for the limited scope as against loss, exemption and allowance or relief, which in his opinion is inadmissible, and not beyond that.The assessee filed the return declaring the income earned from sub-letting a premises as income from business. The AO selected the case for scrutiny and issued a notice for assessing the income as income from other sources.
The principal notification No.39/1996-Customs, dated the 23rd July, 1996 was published in the Gazette of India, Extraordinary, vide G.S.R. 291(E), dated the 23rd July, 1996 and was last amended vide notification No.85/2007-Customs, dated the 10th July, 2007 which was published vide number G.S.R. 476(E), dated the 10th July, 2007.
