"06 February 2008" Archive

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 |