"February, 2008" Archive

Policy Circular No. 31 (RE-2007)/2004-09, Dated: 29.02.2008

Policy Circular No. 31 (RE-2007)/2004-09 (29/02/2008)

It has since been observed that some of Regional Authorities have been sending the request for extension of block of years to the Headquarters. In this regard, reference is invited to the provisions contained in Para 5.11 of HBP whereby Regional Authorities have been authorized for considering the request for extension in export obligati...

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Notification No. 81 (RE-2007)/2004-2009, Dated: 29.02.2008

Notification No. 81 (RE-2007)/2004-2009 (29/02/2008)

In exercise of the powers conferred by Section 5 and Section 3(2) 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 further addition with immediate effect at the end of Paragraph 2 of Notificati...

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SEBI : New Scheme Report

SEBI/IMD/CIR No. 13/118899/08 (29/02/2008)

In light of the recent policy developments on account of waiver of load for direct applicants and removal of initial issue expense, format of the New Scheme Report has been revised. A copy of the revised format is enclosed....

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Public Notice No. 121 (RE-2007)/2004-2009, Dated: 29.02.2008

Public Notice No. 121 (RE-2007)/2004-2009 (29/02/2008)

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 in the Handbook of Procedures....

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Public Notice No. 120 (RE-2007)/2004-2009, Dated: 29.02.2008

Public Notice No. 120 (RE-2007)/2004-2009 (29/02/2008)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures....

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Budget Highlights on Taxation Front

Due Date of Tax Audit Preponed to 30th September. No change in ceiling of Rs. 40 Lacs under section 44AB. DIRECT TAXES -No change in corporate income tax rate. Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board. Exemption limit for women raised to 1.8 lakhs and for senior citizen raised to 2.25 Lakh. Fresh Faci...

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Posted Under: DGFT |

Furnishing of copies of challans/returns to the Sales Tax Authorities.

Trade Circular No. 5 T of 2008 (28/02/2008)

Trade Cir. No. 5 T of 2008 A Trade Circular No. 1T of 2008 dt. 25.1.2008 had been issued explaining the procedure for issuance of statutory forms under the Central Sales Tax Act, 1956. In that circular, a procedure had been set down for the use of applicants of declaration forms under the Central Sales Tax Act. As per that circular, the d...

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Income from stock lending taxable

Income generated from the business of stock-lending and sale-repurchase of shares by a borrower will be taxable. The Central Board of Direct Taxes (CBDT) has exempted stock lending/borrowing from the purview of securities transaction tax (STT) and capital gains tax Borrowers will make some payment to lenders of shares by way of interest o...

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Posted Under: DGFT |

Benign Assessment Procedure' for assessees engaged in diamond manufacturing and/or trading

2/2008 (22/02/2008)

INSTRUCTION NO-2/2008, Dated: February 22, 2008 A. The procedure will apply to assessees engaged in the business of manufacturing and/or trading of diamonds (referred to below as such business). B. If an assessee has shown a sum equal to or higher than 6% of his total turnover from such business as his income under the head 'profits and ...

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SEBI : Safeguards to address concerns of investors on transfer of securities in dematerialized mode

SEBI/MRD/Dep/Cir-3/2008 (28/02/2008)

communicate to SEBI the status of implementation of the provisions of this circular in the Monthly Development Report. ...

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Circular No. 866/04/2008-Central Excise, Dated: 28.02.2008

Circular No. 866/04/2008-Central Excise (28/02/2008)

The undersigned is directed to refer to Circular no. 863/1/2008 dated 18th January, 2008 issued vide F. No.354/122/2002-TRU [Pt.I] and to state that Board has already assigned the said circular number to another Circular (vide F. No. 275/116/2007-CX8A on 2.1.2008) pertaining to filing of appeals in the Supreme Court...

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Public Notice No. 119 (RE-2008)/2004-2009, Dated: 27.02.2008

Public Notice No. 119 (RE-2008)/2004-2009 (27/02/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made. ...

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Public Notice No. 118 (RE-2008)/2004-2009, Dated: 27.02.2008

Public Notice No. 118 (RE-2008)/2004-2009 (27/02/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Public Notice No. 117 (RE-2007)/2004-09, Dated: 27.02.2008

Public Notice No. 117 (RE-2007)/2004-09 (27/02/2008)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/ additions/deletions/corrections in the Handbook of Procedures, Vol.2, and 2004-2009, as amended from time to time...

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Public Notice No. 116 (RE-2007)/2004-2009, Dated: 27.02.2008

Public Notice No. 116 (RE-2007)/2004-2009 (27/02/2008)

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 in Handbook of Procedures....

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Highlights of Rail Budget 2008-09 Presented by Railway Minister on 26.02.2008

Following are the highlights of Railway Budget 2008-09 presented by the Railways Minister, Mr Lalu Prasad, in Parliament on Tuesday.· Second-class Sleeper fares cut by 5%. · AC-1 fare cut by 7%. · AC-2 fare cut by 4%. ·AC-3 fare cut by 3%. ...

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Posted Under: DGFT |

IT Department has sought clarity from the CBDT on non-compete fee

According to income tax officials, Section 55(2) of the I-T Act estimates the cost of right to carry on any business as nil. However, non-compete compensation received by a person carrying on a reputed business is not explicitly covered in the clause right to carry on any business and is claimed as capital receipt. The department has fav...

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Posted Under: DGFT |

Circulation of copy of Notification No S.O -298(E)

General circular No. 2/2008 (26/02/2008)

directed to forward herewith a copy of the Notification published in the Gazette of India for your information and necessary action....

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Amends Notification No. 39/2005-Customs Duty (N.T.), dated 13th May, 2005

Notification No. 10/2008-Customs (N.T.) (26/02/2008)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.05/2008(NT)-CUSTOMS, dated the 28th January, 2008 vide number S.O. 158(E), dated the 28th January, 2008, except as respects thing...

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Circular on Grant of Certificate for TDS

Trade Circular No. 4 T of 2008 (26/02/2008)

Trade Cir. No. 4 T of 2008 Section 31 of the Maharashtra Value Added Tax Act, 2002 provides for deduction of tax at Source. Section 31(1) (b) (ii) of the Act empowers the Commissioner of Sales Tax to grant certificate to a contractor who is not doing Works contract. Where an application is made by the contractor and if the Commissioner is...

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SEBI : Standard warning in Advertisements by Mutual Funds

SEBI/IMD/CIR No. 12/118340/08 (26/02/2008)

These guidelines are issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996....

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ACIT vs. M/s Triace (ITAT Mumbai)

ACIT vs. M/s Triace (ITAT Mumbai) - Where the CIT (A) decided the ground of reopening against the assessee but decided the ground of merits in favour of the assessee, the assessee is entitled, in an appeal by the Revenue before the Tribunal, to urge, under Rule 27 of the I. T. Rules, that the CIT (A) was wrong in deciding the ground of re...

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Posted Under: DGFT |

Whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles

Amway India vs. DCIT (ITAT Delhi Special Bench) - The question whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles. The three tests applied to decide the nature of expenditure are the tests of enduring benefit, ownership test ...

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Posted Under: DGFT |

Idea Cellular vs. DCIT (Bombay High Court)

Idea Cellular vs. DCIT (Bombay High Court) - Where all the material facts were placed before the AO and he raised questions thereon, Explanation 1 to s. 147 has no application. Further, the argument that because there was no discussion in the assessment order, the AO had not applied his mind or expressed an opinion is not acceptable....

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Posted Under: DGFT |

Power to condone the delay beyond the prescribed period

CCE vs. Punjab Fibres (Supreme Court) - In the context of s. 35 of the Excise Act, held (1) Where the statute confers on the authority concerned a limited power of condonation of delay or does not provide any such power, the authority has no power to condone delay beyond the prescribed period; (2) unless a new statute expressly or by nece...

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Posted Under: DGFT |

Allowability of Interest on capital to Partners is subject to satisfaction of requirements of s. 36(1)(iii)

Munjal Sales vs. CIT (Supreme Court) - (i) A firm seeking to claim deduction of interest paid on capital from its partners has to first satisfy the requirements of s. 36(1)(iii) and thereafter the limits imposed by s. 40(b)(iv). The fact that the said capital is not loans or advances is irrelevant....

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Posted Under: DGFT |

Rescinds Notification No. 114/2007-Customs dated 28th November, 2007

Notification No. 19/2008-Customs (25/02/2008)

In exercise of powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds ...

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Indian students may get income tax relief in US

Income tax relief could be in store for US-bound students with New Delhi planning to seek changes in the Double Taxation Avoidance Agreement. Indian students have to pay an income tax on earnings from part-time jobs. This is because the India-US tax treaty provides for treatment of Indian students on a par with US nationals without giving...

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Posted Under: DGFT |

Income Tax scrutiny policy not open to RTI query – CIC

The Government is not bound under the Right to Information law to divulge details about its Income Tax scrutiny policy, used to identify tax payees before subjecting them to detailed investigation. The Central Information Commission held this while accepting the Finance Ministry's view that revealing information related to the scrutiny gu...

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Posted Under: DGFT |

Securities lending/borrowing Scheme of Securities and Exchange Board

Circular No. 2/2008-Income Tax (22/02/2008)

CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of securities to enable settlement of securiti...

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Notification No. 9/2008 -Central Excise (N.T.); Dated : 21.02.2008

Notification No. 09/2008-Central Excise (N.T.) (21/02/2008)

G.S.R. (E). In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 24/2005-Central Excise (N.T.),...

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Empowers gazetted officers under Section 108 of Customs Act, 1962

Notification No. 9/2008-Customs (N.T.) (21/02/2008)

In exercise of the powers conferred by sub-section (1B) of section 129A of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following further amendments in the notification of Government of India, Ministry of Finance, Department of Revenue, No. 39/2005-Customs (N.T.), dated the 13th May, 2005, namely....

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SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Segment (TFTS) to Rolling Segment

MRD/DoP/SE/Cir-02/08 (21/02/2008)

.It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories during the month of November 2007...

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Amends notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001

Notification No. 8/2008-Customs (N.T.) (20/02/2008)

In exercise of the powers conferred by sub-section (1) of section 108 of the Customs Act, 1962(52 of 1962), the Central Government hereby empowers all gazetted officers of Customs for the purposes of the said section. ...

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Refund Service Tax on Exports Further Extended by Service Tax Notification No. 3/2008 Dated 19/02/2008

Government has issued Notification No. 3/2008-ST, dated 19.02.2008, extending the scheme to refund service tax paid by exporters on taxable services, which are not in the nature of "input services" but could be linked to export of goods, to following three more taxable services: (i) Services provided by the Goods Transport Agency in rela...

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Posted Under: DGFT |

Payments of service tax as also VAT are mutually exclusive

Imagic Creative (P.) Ltd. v. Commissioner of Commercial Taxes Payments of service tax as also the VAT are mutually exclusive. Therefore, they should be held to be applicable having regard to the respective parameters of service tax and the sales tax as envisaged in a composite contract as contradistinguished from an indivisible contract. ...

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Posted Under: DGFT |

Assessing Officer Can not reopen the Assessment for change of opinion in subsequent years

ITO vs. Ellora Silk Mills (ITAT Mumbai) - Where the AO had accepted in the past that the warehousing charges received by the assessee was business income, he was not justified in reopening the assessment to assess the charges as property income in the absense of any change in the facts and circumstances....

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Posted Under: DGFT |

Unexplained Investment in respect of shares Purchased off Market

Rupee Finance vs. ACIT (ITAT Mumbai) The contention of the assessee that the sales of shares by certain companies are not transfers as they are part of a family arrangement cannot be accepted as the company’s assets are different from the family assets. It is a distinct juristic entity and its assets cannot be mixed up with the assets o...

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Posted Under: DGFT |

No disallowance for interest free advance given to sister concern out of own funds

Munjal Sales Corporation Vs. Commissioner of Income Tax (Supreme Court of India)

the assessee advanced interest free loan to its sister concern amounting to Rs.5 lacs. According to the Tribunal, there was nothing on record to show that the loans were given to the sister concern by the assessee-firm out of its Own Funds and, therefore, it was not entitled to claim deduction under Section 36(1)(iii). Munjal Sales Corpor...

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Rescinds Notification No. 104/2007-Customs, dated the 14th September, 2007

Notification No. 18/2008-Customs (18/02/2008)

In exercise of the powers conferred by sub-sections (2) of Section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 13 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notif...

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Notification No. 03/2008 – Service Tax, dated 19-02-2008

Notification No. 3/2008-Service Tax (19/02/2008)

Notification No. 3/2008-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.41/2007-Service Tax, date...

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Anti-dumping duty on specified items from People"s Republic of China

Notification No. 17/2008-Customs (19/02/2008)

For the purposes of this notification, "rate of exchange" applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by Section 14 ...

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Circular No. 865/03/2008- Central Excise, Dated: 19.02.2008

Circular No. 865/03/2008- Central Excise (19/02/2008)

The undersigned is directed to refer to Circular No. 752/68/2003-CX dated 01.10.03 (as amended) on the above subject. This circular prescribes monetary limits of Central Excise Officers at various levels for adjudicating of cases under sections 11A and 33 of Central Excise Act, 1944....

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Public Notice No. 115 (RE-2007)/2004-2009, Dated: 18.02.2008

Public Notice No. 115 (RE-2007)/2004-2009 (18/02/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, addition/revision/amendments/corrections at appropriate places as mentioned in ANNEXURE "A” (Page-1 ) to this Public Notice are made....

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Public Notice No. 114 (RE-2008)/2004-2009, Dated: 18.02.2008

Public Notice No. 114 (RE-2008)/2004-2009 (18/02/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, the amendments/additions/deletions/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Notification No. 80 (RE-2007)/2004-2009, dated: 18.02.2008

Notification No. 80 (RE-2007)/2004-2009 (18/02/2008)

In exercise of the powers conferred by Section 5 and Section 3(2) 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 further addition with immediate effect at the end of Paragraph 2 of Notificati...

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Notification No. 79 (RE-2007)/2004-2009, dated: 18.02.2008

Notification No. 79 (RE-2007)/2004-2009 (18/02/2008)

2.3 The prohibition imposed by this Notification on export of wheat flour shall not be applicable to export of 50 MT of wheat flour(atta) to Bangladesh to be supplied by the Government of West Bengal as relief material....

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Notification No. 78 (RE-2007)/2004-2009, dated: 18.02.2008

Notification No. 78 (RE-2007)/2004-2009 (18/02/2008)

In exercise of the powers conferred by Section 5 and Section 3(2) 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 further addition with immediate effect at the end of Paragraph 2 of Notificatio...

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RBI eases norms for opening bank a/c

RBI/2007-08/239 DBOD.AML.BC. No.63/14.01.001/2007-08 (18/02/2008)

It was further clarified to banks that 'being satisfied' means that the bank must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. An indicative list of the nature and type of documents/ information that may be relied u...

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Public Notice No. 113 (RE-2007)/2004-2009, Dated: 15.02.2008

Public Notice No. 113 (RE-2007)/2004-2009 (15/02/2008)

The beneficiary status holder (Manufacturer Exporter or Merchant Exporter) can utilize full value of duty credit scrip issued to him for his ‘own use’. Beneficiary may decide to make any possible resultant product for utilizing the imports permitted under the Scheme, when imported for ‘own use’. Job-Workers can be used for convers...

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Public Notice No. 112 (RE-2007)/2004-2009, Dated: 15.02.2008

Public Notice No. 112 (RE-2007)/2004-2009 (15/02/2008)

The beneficiary status holder (Manufacturer Exporter or Merchant Exporter) can utilize full value of duty credit scrip issued to him for his ‘own use’. Beneficiary may decide to make any possible resultant product for utilizing the imports permitted under the Scheme, when imported for ‘own use’. Job-Workers can be used for convers...

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Public Notice No. 111 (RE-2007)/2004-2009, Dated: 15.02.2008

Public Notice No. 111 (RE-2007)/2004-2009 (15/02/2008)

For DFCE for Status Holders Scheme, EXIM policy (RE2003), in the Statement of Export for Eligible Exports as at Sr. No. vi of CA certificate annexed to Appendix 17D, the Column Heading ‘Let Export Date’ is modified to read as ‘Date of Exports as per Para 9.12....

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Public Notice No. 110 (RE-2007)/2004-2009, Dated: 15.02.2008

Public Notice No. 110 (RE-2007)/2004-2009 (15/02/2008)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures, Vol.2, 2004-2009, as amended from time to time....

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Notification No. 7/2008-Customs Duty (N.T.), Dated 15/02/2008

Notification No. 7/2008-Customs (N.T.) (15/02/2008)

The Principal notification was published in the Gazette of India, Extraordinary,vide Notification No.36/2001 - Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 6/2008-Customs (N.T.), dated, the 5th February, 2008 (S.O. 237 (E) dated 5th February, 2008)....

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Recent Income Tax Judgements 15.02.2008

1. Hasan Ali Khan vs. ITSC (Bombay High Court) - (i) The Chairman of the Settlement Commission has the power to constitute a Special Bench and he is not required to give reasons or produce the material in support thereof. (ii) It is not as if the moment an application is made and there is compliance of the requirements of Section 245-D t...

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Posted Under: DGFT |

Whether sale proceeds of plants raised in nursery on land belonging to assessee consti­tutes income from agriculture – Held, yes

Commissioner of Income-tax, Meerut Vs Green Gold Tree Farmers (P.) Ltd. (Uttarakhand High Court)

Section 2(1A) of the Income-tax Act, 1961 - Agricultural income Assessment years 1988-89 and 1990-91- Whether sale proceeds of plants raised in nursery on land belonging to assessee consti­tutes income from agriculture - Held, yes . Commissioner of Income-tax, Meerut v. Green Gold Tree Farmers (P.) Ltd....

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Norms for filing TDS/TCS returns

All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. It had earlier been decided t...

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Posted Under: DGFT |

Employer’s Obligation-TDS-Previous Employment’s payments

Commissioner of Income-tax XVI (DELHI) Vs. Marubeni India (P.) Ltd. (Delhi High Court)

CIT v. Marubeni India (P.) Ltd. In case where the present employer did not include salary paid by the previous employer u/s 192(2), because previous employer did not provide the details of disbursement, issue arose whether such present employer is liable for penal interest. It was held by HC that the liability of the present employer is l...

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SC ruling on I-T deductions on interest paid on loan

Interest paid on borrowings made for purchase of capital assets "not put to use" in the concerned financial year is eligible for income tax deductions, the Supreme Court has ruled. The apex court said that all that was required is that the capital borrowed must be for the purpose of business for which interest was also paid. A bench of Ju...

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Posted Under: DGFT |

It cannot be said that AO has not applied his mind when all material was placed by Assessee before him

Idea Cellular Limited. Vs. Deputy Commissioner Of Income-Tax And Others (Bombay High Court)

In our view, once all the material was before the AO and he chose not to deal with the several contentions raised by the petitioner in his final assessment order, it cannot be said that he had not applied his mind when all material was placed by the petitioner before him....

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Notification No. 26/2008-Income Tax Dated 12/2/2008

Notification No. 26/2008-Income Tax (12/02/2008)

Notification No. 26-Income Tax It is hereby notified for general information that the organization Birla Research Institute for Applied Sciences, Nagda (M.P.) 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 ...

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Notification No. 25/2008-Income Tax Dated 12/2/2008

Notification No. 25/2008-Income Tax (12/02/2008)

Notification No. 25-Income Tax It is hereby notified for general information that the organization Dalmia Institute of Scientific and Industrial Research, Rajgangpur, Orissa 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...

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Notification No. 24/2008-Income Tax Dated 12/2/2008

Notification No. 24/2008-Income Tax (12/02/2008)

Notification No. 24-Income Tax It is hereby notified for general information that the organization Bharatiya Sanskriti Darshan Trust, Pune 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, 19...

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Notification No. S.O. 298(E), dated 12/02/2008

Notification No. S.O. 298(E) (12/02/2008)

n exercise of the powers conferred by sub-section (2) of Section 4A of the Companies Act, 1956 (1 of 1956), the Central Government hereby specifies the following institution to be public financial institution and for that purpose makes the following further amendment in the notification of the Government of India,...

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Valuation practice of second hand machinery to be adopted by all Custom Houses/ Customs Commissionerates-regarding

Circular No. 04/2008-Customs Duty (12/02/2008)

There is no need to specify the agencies whose certificates alone, issued at the port of loading, would be accepted. The number of such agencies should not be limited....

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Notification No. 8/2008-Central Excise (N.T.); Dated: 11.02.2008

Notification No. 08/2008-Central Excise (N.T.) (11/02/2008)

he Principal notification No. 45/2001-Central Excise (N.T.), dated the 26th June, 2001 was published vide G.S.R. 474(E), dated the 26th June, 2001 and was last amended vide notification No. 21/2007-Central Excise (N.T.) dated 19th April, 2007 [G.S.R. 300(E), dated the 19th April, 2007...

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Anis Ahmad and Sons Versus Commissioner of Income Tax (Appeals),Kanpur & Anr. (Supreme Court)

M/s Anis Ahmad and Sons Vs Commissioner of Income Tax (Appeals), Kanpur & Anr. (Supreme Court of India)

For non appearance of those traders, no adverse inference ought to have been drawn by the authorities below and the appellant-assessee has led satisfactory evidence that its business is only that of the Commission Agent and not ‘a Trader’ dealing in the goods. (Para 12) Commissioner of Income Tax is right in holding the appellant_asse...

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Rohitasava Chand Versus Commissioner of Income Tax (Delhi High Court)

Rohitasava Chand Vs Commissioner of Income Tax (Delhi High Court)

There is no doubt that the non-compete agreement incorporates a restrictive covenant on the right of the Assessee to carry on his activity of development of software. It may not alter the structure of his activity, in the sense that he could carry on the same activity in an organization in which he had a small stake, but it certainly impa...

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Public Notice No. 109 (RE-2007)/2004-2009, Dated: 07.02.2008

Public Notice No. 109 (RE-2007)/2004-2009 (07/02/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following additions/amendments in the Schedule of DEPB Rates(as amended from time to time) with immediate effect....

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Public Notice No. 108 (RE-2007)/2004-2009, Dated: 07.02.2008

Public Notice No. 108 (RE-2007)/2004-2009 (07/02/2008)

Consequently it is clarified that exports of Sweetmeat, commonly known as methai, covered either under ITC HS Code 0403 or ITC HS Code 21069099 are entitled for VKGUY benefits for exports w.e.f 1.4.2005....

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Public Notice No. 107 (RE-2007)/2004-2009, Dated: 07.02.2008

Public Notice No. 107 (RE:2007)/2004-2009 (07/02/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Guidelines for grant of benefits under Focus Product Scheme for Export of Handloom Products bearing ‘Handloom Mark’

Policy Circular No. 30 (RE-2007)/2004-2009 (07/02/2008)

RA shall grant the benefits using Focus Product Scheme Code 45, upon submission of such application from exporters of Handloom Products. Any one of the export documents passed by Customs which bears Handloom Mark Label Numbers should be acceptable as proof for grant of benefits under the scheme....

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Notification No. 77 (RE-2007)/2004-2009, Dated: 07.02.2008

Notification No. 77 (RE-2007)/2004-2009 (07/02/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government prohibits with immediate effect any export of non-basmati r...

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Public Notice No. 106 (RE-2007)/2004-09, Dated: 06.02.2008

Public Notice No. 106 (RE-2007)/2004-09 (06/02/2008)

Consequently listed supporting manufacturers shall be ‘co-licensees’ for Target Plus Scheme 2004-05 and Duty Credit scrips (under Target Plus Scheme 2004-05) which have been already issued shall be deemed to be amended to this extent....

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Public Notice No. 105 (RE-2007)/2004-2009, Dated: 06.02.2008

Public Notice No. 105 (RE-2007)/2004-2009 (06/02/2008)

Where All Industry Rate of Drawback is not available or same is less than 4/5th of duties actually paid on materials or components used in production or manufacture of the said goods, an application in ANF 8 along with prescribed documents may be made to RA or DC, for fixation of brand rate....

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Clarification regarding Clubbing of Advance Authorisations under paragraph 4.20 of HBP vol. 1

Policy Circular No. 29 (RE-2007)/2004-2009 (06/02/2008)

The matter has been considered in this office. It would be evident from paragraph 4.20.1 that the said facility is available for clubbing of more than one authorization provided the imported inputs are properly accounted for as per norms. Accordingly, it is clarified that as long as imported inputs (for which clubbing has been sought) a...

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Notification No. 23/2008-Income Tax Dated 6/2/2008

Notification No. 23/2008-Income Tax (06/02/2008)

Notification No. 23-Income Tax In exercise of the powers conferred by clause 48 of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause, ...

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Notification No. 22/2008-Income Tax Dated 6/2/2008

Notification No. 22/2008-Income Tax (06/02/2008)

Notification No. 22-Income Tax It is hereby notified for general information that the organization International Institute of Biotechnology and Toxicology, Padappai, Tamil Nadu 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...

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Notification No. 76 (RE-2007)/2004-2009), Dated: 06.02.2008

Notification No. 76 (RE-2007)/2004-2009) (06/02/2008)

For the export of above quantity of River Sand, Chemicals and Allied Products Export Promotion Council (CAPEXIL) shall ensure that the suppliers/extractors have obtained appropriate clearances and the mining of the said sand is not undertaken in the Coastal Regulation Zone Area, which is prohibited under the Coastal Regulation Zone Notifi...

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Notification No. 75 (RE-2007)/2004-2009, Dated: 06.02.2008

Notification No. 75 (RE-2007)/2004-2009 (06/02/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy – 2004-09, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS) Classifications of Export and Import Items, 2004-09....

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Validity of Selection of case for scrutiny assessment-Selection contrary to CBDT’s instructions

CIT vs Best Plastics (P) Ltd. (Delhi High Court)I. T. A. No. 951 of 2005 (05/04/2006)

CIT vs Best Plastics (P) Ltd. The Commissioner of Income-tax and the Income-tax Appellate Tribunal have both relied upon a decision of the Supreme Court in Commissioner of Customs v. Indian Oil Corporation Ltd. [2004] 267 ITR 272 to have that the circulars issued by the Central Board of Direct Taxes (CBDT) binding on the officers of the I...

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Income Tax – It is impermissible to convert assets to cash and thereafter impound the same;

: A search and seizure was conducted by the revenue (respondents) in the premises of the appellants (KCC software Ltd), pursuant to warrants of authorization dated 3.8.2005. On 4.8.2005 certain assets including jewellery, cash and fixed deposit receipts were seized. On that very day, appellants received a letter from the HDFC Bank at B-28...

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Posted Under: DGFT |

Addl CITs cannot be designated as AOs – No CBDT Order available; CIT(A) invalidates assessments for lack of jurisdiction*

ADDITIONAL Commissioners of Income Tax as assessing officers? Not a rare sight, indeed! It is a common practice in the Income Tax Department. And the reasons could be anything from dearth of staff, burdensome workload to the sensitive nature of cases. But whatever could be the reasons, their jurisdiction has come under the radar of questi...

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Posted Under: DGFT |

Income Tax – damages paid for non-fulfillment of contractual obligations – allowable expenditure – But, any sum paid for infraction of law, not allowab

M/s. Jamna Auto Industries Yamunanagar Vs The Comissioner of Income Tax, Haryana,Rohtak (Punjab & Haryana High Court)

ANY business is a tricky 'business' for its doers ! It is tricky because of the presence of many parameters beyond the control of the doers. Under such circumstances, what is to be treated as normal expenditure of business is the sum of compensation which a business-doer has to incur as expenditure for paying damages in case of non-fulfil...

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Subsidiary reimburses non-resident parent company for mobilisation and demobilisation charges – if TDS not deducted on payments, provisions of Sec 40(

WITH India getting rapidly integrated to the global economy, making payments either for services or reibursement to a non-resident company or individual has become common for the India Inc. But what has not become common is the practice of deducting tax at source (TDS) under Sec 195. And this case is illustrated best in the latest decisio...

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Posted Under: DGFT |

"Surcharge in block will be leviable even before the insertion of provisio" SC

Commissioner of Income Central Vs Suresh N. Gupta (Supreme Court of India)

Commissioner of Income Central vs Suresh N. Gupta On 17.1.2001 a search under Section 132 of the 1961 Act was carried out at the premises of the respondent-assessee , an individual. The search unearthed an unexplained investment of Rs. 65,000/- being the value of household valuables and Rs. 97,427/- on account of unexplained marriage expe...

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Deduction on actual payment – Payments towards PF and ESIC

CIT vs Dharmendra Sharma (Delhi High Court)

CIT vs Dharmendra Sharma - This decision was taken in appeal before the Supreme Court and by an order dt. 7th March, 2007 [reported as CIT vs. Vinay Cement Ltd. (2007) 213 CTR (SC) 268—Ed.], the Supreme Court observed that it was concerned with the law as it stood prior to the amendment of s. 43B of the Act. The assessee was entitled to...

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Immunity from penalty as provided under Explanation 5 to Section 271(1)(c) despite non disclosure of manner in which income is derived

Commissioner Of Income Tax Vs Mahendra C. Shah (Gujarat High Court)

In the present case, admittedly the Assessment Year being 1988-89 and the search having taken place on 03.07.1987 the return of income was not due before 31.07.1988. Therefore, whether the income represented by the value of the asset was shown in the return of income or not became irrelevant once a declaration had been made about such inc...

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Notification No. 21/2008-Income Tax Dated 5/2/2008

Notification No. 21/2008-Income Tax (05/02/2008)

Notification No.21-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Oil Industry Development Board established under section 3 of the Oil Industry (Development) Act, 1974 ...

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Notification No. 20/2008-Income Tax Dated 5/2/2008

Notification No. 20/2008-Income Tax (05/02/2008)

Notification No. 20-Income Tax In exercise of the powers conferred by sub-section (2D) of section 142 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income -tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Third Amendment) Rules, ...

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Notification No. 19/2008-Income Tax Dated 5/2/2008

Notification No. 19/2008-Income Tax (05/02/2008)

Notification No. 19-Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of Iceland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 23rd day of November, 2007 shall come into force on the 21st day of Dece...

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Notification No. 74 (RE-2007)/2004-2009, Dated: 05.02.2008

Notification No. 74 (RE-2007)/2004-2009 (05/02/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following addition with immediate effect at the end of Paragraph 2 of Not...

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Exchange rate notification for Import of /exported goods w.e.f 1st February, 2008

Notification No. 6/2008-Customs (N.T.) (02/02/2008)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus...

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Rescinds Notification No.120/2002-Customs Duty, dated 31st October, 2002

Notification No. 16/2008-Customs (05/02/2008)

In exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notif...

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Notification No. 15/2008 – Customs, dated 05-02-2008

Notification No. 15/2008-Customs (05/02/2008)

rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification, issued from time to time, in exercise of the powers conferred by section 14 of the said Customs Act, 1962, and the relevant date for the determination of the rate of exchange shall be the date of...

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Notification No. 18/2008-Income Tax Dated 4/2/2008

Notification No. 18/2008-Income Tax (04/02/2008)

Notification No. 18-Income Tax It is hereby notified for general information that the organization Indian Institute of Technology, Kanpur 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, 196...

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Notification No. 17/2008-Income Tax Dated 4/2/2008

Notification No. 17/2008-Income Tax (04/02/2008)

Notification No. 17-Income Tax It is hereby notified for general information that the organization St. Xavier’s College Kolkata Educational Trust, Kolkata, 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 I...

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Notification No. 16/2008-Income Tax Dated 4/2/2008

Notification No. 16/2008-Income Tax (04/02/2008)

Notification No. 16-Income Tax It is hereby notified for general information that the organization Semi Conductor Laboratory, Mohali 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 (sa...

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Amends notification No. 39/96-Customs, dated the 23rd July, 1996

Notification No. 14/2008-Customs (04/02/2008)

 GOVERNMENT OF INDIA MINISTRY OF FINANCE  (DEPARTMENT OF REVENUE) Notification No. 14/2008-Customs  New Delhi, the 4th February, 2008 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public inte...

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