"July, 2008" Archive

Circular for extention of MVAT Audit Report Submission Date

Trade Circular No. 27 T of 2008 (31/07/2008)

No.VAT/MMB-1006/152/Adm-3(Adm-6) Mumbai, dt. 31.07.2008 The Hon’ble High Court has dismissed the Writ petition No. 2000 of 2007 and allied petitions regarding Form 704. The date for filing of Form 704 was extended by the High Court to 30th June 2008. Accordingly, a trade circular cited at reference 13 was issued and the date for filing ...

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Rescinds Notification No. 46/2008-Customs Duty dated.10.04.2008

Notification No. 92/2008-Customs (30/07/2008)

In exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act, 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 notification o...

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Imposes definitive Anti-dumping duty on Diclofenac Sodium in lieu of Notfn. No.46/2008-Cus dt.10.04.2008

Notification No. 91/2008-Customs (30/07/2008)

Whereas in the matter of import of Diclofenac Sodium (hereinafter referred to as the subject goods), falling under heading 2942 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the People's Republic of China (hereinafter referred to as the subject country) and imported into India, the d...

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SEBI : Additional mode of payment through Applications Supported by Blocked Amount (hereinafter referred to as “ASBA”)

SEBI/CFD/DIL/DIP/31/2008/30/7 (30/07/2008)

On inclusion in the list of SCSBs, a bank shall commence its activities as an SCSB w.e.f. the 1st or 15th of a month, whichever is earlier, from the date of such inclusion....

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Public Notice No. 54 (RE-2008)/2004-2009, Dated: 29.07.2008

Public Notice No. 54 (RE-2008)/2004-2009 (29/07/2008)

This refers to HS Code No.1701 00 00 in the Schedule 2 of ITC (HS) Classifications of Export & Import Items, 2004-09 under which M/s. Indian Sugar EximCorporation Limited, New Delhi, is the designated agency for export of Sugar to USA under preferential quota....

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

Notification No. 98/2008-Customs (N.T.) (28/07/2008)

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.79/2008(NT)-CUSTOMS, dated the 25th June, 2008....

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Eligibility of supplies to EOUs for deemed export benefits

Policy Circular No. 23 (RE-2008)/2004-2009 (28/07/2008)

The supplies of goods from DTA to EOU / EHTP / STP / BTP are regarded as deemed exports and DTA supplier is eligible for deemed export benefits. Based upon disclaimer from DTA supplier, EOU / EHTP / STP / BTP units can also claim these benefits. This is the position as per para 6.11(a) and 8.2(b) of FTP....

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Notification No. 97/2008-Customs Duty (N.T.), dated 25-07-2008

Notification No. 97/2008-Customs (N.T.) (25/07/2008)

n 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 Joint / Additional Commissioner of Customs....

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Notification No. 96/2008-Customs Duty (N.T.), dated 25-07-2008

Notification No. 96/2008-Customs (N.T.) (25/07/2008)

For the purpose of adjudicating the above Show Cause Notice pertaining to M/s K.G.Denim Limited, Jadayampalayam, mettupalayam, Tamilnadu - 641 302. ...

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Notification No. 95/2008-Customs Duty (N.T.), dated 25-07-2008

Notification No. 95/2008-Customs (N.T.) (25/07/2008)

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 Customs....

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Notifiction No. 94/2008-Customs Duty (N.T.), dated 25-07-2008

Notification No. 94/2008-Customs (N.T.) (25/07/2008)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Aman Enterprise, T-21/A, Khirki Extension, Delhi and others, issued vide, F.No.DRI/SRU/INV-04/2006, dated the 31st December, 2007 by the Additional Director General, Directorate General of Revenue Intelligence, Ahmedabad Zonal Unit, Ahmedabad. ...

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Notification No. 93/2008 – Customs Duty (N.T.), dated 25-07-2008

Notification No. 93/2008-Customs (N.T.) (25/07/2008)

for the purpose of adjudicating the matters relating to Show Cause Notices pertaining to Shri Varadhan Swamy, Proprietor, M/s Cinetekk, Plot No. 9, 8th Cross, Anna Nagar, Pondicherry and Smt. Vijayalakshmi, Proprietorix, M/s. Cineland, Plot No. 9, 8th Cross, Anna Nagar, Pondicherry issued vide, DRI F.No. VIII/48/27/2007, dated the 29th ...

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Amends notification No. 108/2007-Customs Duty (N.T.), dated 17th October, 2007

Notification No. 92/2008-Customs (N.T.) (25/07/2008)

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 makes the following amendment in the notification No. 108/2007-Customs(N.T.), dated 17th October, 2007 published in the Gazette of India Part II Section ...

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Amends notification vide number S.O. 1776 (E), dated17th October 2007

Notification No. 91/2008-Customs (N.T.) (25/07/2008)

The Principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 1776 (E), dated the 17th October, 2007....

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Regarding anti-dumping duty on import of Cathode Ray Colour Television Picture Tubes

Notification No. 90/2008-Customs (24/07/2008)

For the purpose of this notification, if imports of bare tubes are reported, the benchmark, that is, the amount specified in column (9) of the Table, would be reduced by an amount as specified, namely, (i) in case of 14" tube, by Rs. l23/-, (ii) in case of 15" tube, by Rs. 149/-, (iii) in case of 20" tube, by Rs. 185/-, and (iv) in case o...

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SEBI : Abridged Schemewise Annual Report Format and periodic disclosures to the unitholders

SEBI/IMD/CIR No.8/132968/2008 (24/07/2008)

Mutual Funds shall display unaudited half-yearly results on their website in the format prescribed in twelfth schedule of Regulations....

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Changes/amendments in the EOU/EHTP/STP and Gems and Jewellery Export Promotion Schemes-reg

Circular No. 12/2008-Customs Duty (24/07/2008)

Export and re-import of cut and polished diamonds for certification and grading was governed under the notification No. 55/2001-Cus dated 16.05.2001. Now, the rough or non-industrial diamonds do not attract any duty. In view of this, the control on export and re-import for certification and grading of cut and polished diamonds under this ...

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Regarding anti-dumping duty on import of digital versatile discs – recordable generally known as DVD-R and DVD-RW

Notification No. 89/2008-Customs (23/07/2008)

Whereas, in the matter of import of digital versatile discs-recordable generally known as DVD-R and DVD-RW, (hereinafter referred to as the subject goods) falling under heading 8523 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from China PR, Hong Kong, and Chinese Taipei (hereinafter ref...

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Public Notice No. 53 (RE-2008)/2004-09, Dated: 23.07.2008

Public Notice No. 53 (RE-2008)/2004-09 (23/07/2008)

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

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Gangadharan vs. CIT (Supreme Court)

Gangadharan vs. CIT (Supreme Court) Held, by 3 judge Bench, resolving conflict of opinion amongst other benches of the SC, that: (1) merely because in some cases the revenue has not preferred appeal that does not operate as a bar for the revenue to prefer an appeal in another case where there is just cause for doing so or it is in public ...

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Trade Circular No. 25T of 2008 on Business Audit under MVAt dated 23/07/2008

Trade Circular No. 25 T of 2008 (23/07/2008)

As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify...

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Service Tax – Accounting Codes for new services

Service Tax - Accounting Codes for new services -The Government while imposing new taxes, is not prompt in announcing the Head of accounts under which the tax is to be paid, leaving the tax payers as well as the Department in utter confusion. We have been getting several frantic calls from concerned assessees as to what the codes are for ...

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Higher TDS IF PAN no. Not disclosed to deductor

Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by ...

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Notification No. 26 (RE-2008)/2004-2009, Dated: 22/07/2008

Notification No. 26 (RE-2008)/2004-2009 (22/07/2008)

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 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendments in the Schedule 2, Table B of ITC HS Classifications of Export and Import Items (1st Septe...

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Notification No. 25 (RE-2008)/2004-09, Dated: 21.07.2008

Notification No. 25 (RE-2008)/2004-09 (21/07/2008)

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 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendments in the Notification No.22 (RE-2008)/2004-09 dated 3rd July, 2008....

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SEBI : Submission of Monthly Reports

Cir No.IMD/FII & C/30/2008 (21/07/2008)

The revised format of the report is enclosed herewith. The information in Annexures A, B, C, D & E should be submitted in an excel file termed as, report(custodian acronym)(month)(year).xls....

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CIT vs. Oriental Insurance (Supreme Court)

Where the High Court dismissed the appeals filed against a PSU on the ground that an application for permission of the COD had not been obtained within the period of 30 days as laid down in ONGC’s case, held that there was actually no rigid time frame indicated by the Supreme Court. The emphasis on one month’s time was to show urgency...

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Steel Authority vs. STO (Supreme Court)

Where the Appellate Commissioner disposed of the appeal by a non-reasoned order, held that a statutory appeal could not be disposed of in that manner. Reason is the heartbeat of every conclusion. It introduces clarity in an order and without the same it becomes lifeless....

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Deepak Agro Foods vs. State (Supreme Court)

Where the High Court was satisfied that the assessment order had been back-dated and directed that a fresh order be passed by a different AO and the assessee filed an appeal arguing that the assessment proceedings should have been declared null and void,...

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CBDT clarifies no annexures to be attached to Income Tax Returns Form (ITR)

(i) no annexures, TDS/ TCS certificates are required to be annexed to the returns of income. Wherever documents are attached with the return, the receiving official is required to detach and return to the tax-payers all such annexures; (ii) ITR-V verification form is in the nature of an acknowledgement, and therefore, the same should be r...

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Notification No. 24 (RE-2008)/2004-2009, Dated: 18.07.2008

Notification No. 24 (RE-2008)/2004-2009 (18/07/2008)

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 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendments in the Notification No.22 (RE-2008)/2004-09 dated 3rd July, 2008....

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Circular No. 6/2008-Income Tax Dated 18-7-2008

Circular No. 6/2008-Income Tax (18/07/2008)

Circular No. 6 of 2008-Income Tax The Central Board of Direct Taxes, vide notification S.O. No. 752(E), dated 28.3.2008 have notified return forms for the assessment year 2008-09. With a view to enabling tax payers to file returns in the electronic mode, these returns (except ITR-7) have been made annexure-less....

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Policy Circular No. 22 (RE-2008)/2004-2009, Dated: 18.07.2008

Policy Circular No. 22 (RE-2008)/2004-2009 (18/07/2008)

The matter has been considered in this Directorate and it has been decided to inform all concerned that the ITC(HS) Code endorsement by Regional Authority against each input under the aforesaid Schemes shall continue. It is the responsibility of the exporters to declare the correct ITC(HS) Code. Corrections in ITC(HS) Code, even subsequ...

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Public Notice No. 52 (RE-2008)/2004-2009, Dated: 18.07.2008

Public Notice No. 52 (RE-2008)/2004-2009 (18/07/2008)

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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No interest tax on lease finance company

Giving relief to companies engaged in leasing and financing business, the Income Tax Appellate Tribunal has ruled that they are not required to pay interest tax, applicable to other credit institutions. Since substantial earnings is made from such (lease financing) activity after employing substantial funds...the assessee would be outside...

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Professional tax may raise to Professionals

Doctors, lawyers and other professionals —both salaried and self-employed— may now have to pay a higher professional tax. Acceding a long-pending demand of the state governments, the Centre has decided to raise the ceiling on professional tax from Rs 2,500 to Rs 7,500 per annum. The Union Cabinet is expected to take up the proposal on...

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Energy audit in tea factories

In the first instance, 15 bought-leaf tea factories in Nilgiris have applied for energy audit under the energy conservation project launched by Tea Board in co-operation with United Nations Development Programme’s Global Environment Facility and implemented by Technology Informatics Design Endeavour (TIDE). ...

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Department activities to increase tax collections

TAN is a unique identification number, which is allotted to people who are deducting or collecting tax at source on behalf of the income tax department. It has to be quoted in all TDS/ TCS returns. As in the case of permanent account numbers (PAN) that helps to keep track of all assessees and their returns, TAN is used to keep a tab on a...

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Bank liable to deduct TDS on MICR charges

The Ahmedabad Income-Tax Tribunal has held that where charges are incurred towards MICR facilities regarding identifying, reading and clearing cheques through special kind of machines, the same would be in the nature of fees for technical services (FTS) and would accordingly be liable to deduct tax at source (TDS) under section 194J. In t...

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Three words enough to access your tax records – beware

If you are thinking of filing your income tax returns online, think twice. It is very easy for anyone to hack into your account and have access to your income tax details. All a hacker needs to know is - 1. Your name 2. Permanent account number (PAN) and 3. Your date of birth. He first needs to log onto the e-filing website (www.incometa...

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Notification No. 90/2008-Customs Duty (N.T.), dated 17-07-2008

Notification No. 90/2008-Customs (N.T.) (17/07/2008)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Arushi Exports, C-15, Qutub Institutional Area, New Delhi and others, issued vide, DRI F.No. 50D/168/2006-C.I dated the 4th February, 2008 by the Additional Director General, Directorate General of Revenue Intelligence, I.P.Bhavan, I.P.Estate, New...

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Notification No. 89/2008-Customs Duty (N.T.), dated 17-07-2008

Notification No. 89/2008-Customs (N.T.) (17/07/2000)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Agarvanshi Aluminium Limited, 'Agravanshi House, 1-8-32/59, Bapu Bagh, Minister Road, Secunderabad, Andhra Pradesh issued vide, F.No. DRI/AZU/INV-6/2006, dated the 31st December, 2007, by the Additional Director General, Directorate General of Re...

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Amends Notification No.12/97-Customs Duty (N.T.), dated 2nd April, 1997

Notification No. 88/2008-Customs (N.T.) (17/07/2008)

The principal notification No.12/97-CUSTOMS(N.T.), dated the 2nd April, 1997 was published in the Gazette of India, Extraordinary, Part-II, section 3(i) vide number G.S.R. 193(E), dated the 2nd April, 1997 and was last amended by notification No. 68/2008-CUSTOMS (N.T.), dated the 5th June, 2008, published in the Gazette of India, Extraord...

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Payments received in Indian Rupees by Tourist Transport Operator which would be regarded as foreign exchange earned for the purpose of EO under EPCG Scheme

Policy Circular No. 21 (RE-2008)/2004-09 (17/07/2008)

Travel agents / Tour Operators shall not be eligible to count such Foreign Exchange i.e, Foreign Exchange earnings disclaimed in favour of Tourist Transport Operator(Service Provider), against fulfillment of EO for their own EPCG Authorizations...

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Public Notice No. 51 (RE-2008)/2004-2009, Dated: 17.07.2008

Public Notice No. 51 (RE-2008)/2004-2009 (17/07/2008)

Further, for items included in this Public Notice, the last date for filing applications on time shall be 30.1.2009 or time period permitted in Para 3.19.1 of HBP v1 (RE2007) / Para 3.23.10 of HBP v1 (RE2008), whichever is later....

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Public Notice No. 50 (RE-2008)/2004-09, Dated: 17.07.2008

Public Notice No. 50 (RE-2008)/2004-09 (17/07/2008)

However, in case of import of spices for VA purpose like crushing/grinding/sterilization or for manufacture of oils and oleoresins of pepper, cardamom and chillies (and not for simple cleaning, grading, repacking etc.), EO shall be fulfilled within 120 days from the date of importation of first consignment....

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Rescinds Notification No. 39/2007-Customs Duty, dated 9th March, 2007

Notification No. 88/2008-Customs (16/07/2008)

In exercise of the powers conferred by sub-section (1) and sub-section (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 h...

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Regarding anti-dumping duty on vitrified & porcelain tiles, other than vitrified industrial tiles

Notification No. 87/2008-Customs (16/07/2008)

therefore, in exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the said Customs Tariff Act, 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, on ...

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Amends notification Nos.93/2004-Customs & 94/2004-Customs Duty both dated 10th September, 2004

Notification No. 86/2008-Customs (16/07/2008)

The Principal notification No.93/2004-Customs, dated the 10th September, 2004 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (1) vide number G.S.R 606 (E), dated the 10th September, 2004 and was last amended by notification No70/2008-Customs, dated the 19th May, 2008 vide number G.S.R 389 (E), dated ...

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Notification No. 44/2008 – Central Excise; dated: 16.07.2008

Notification No. 44/2008-Central Excise ['G.S.R. 492(E).] (16/07/2008)

In exercise of the powers conferred by Rule 15 of the Central Excise Rules, 2002, the Central Government hereby rescinds, with immediate effect, the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.38/2007-Central Excise, dated the 19th December, 2007 published in the Gazette of India, Extraor...

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Documents/verification required to establish eligibility and entitlement of units for import of rough marble blocks/slabs under Policy Circular No.13 (RE-08)/ 2004-2009 dated 30.6.2008

Policy Circular No. 20 (RE-2008)/2004-2009 (16/07/2008)

With regard to calculation of indigenous sales turnover, it is further clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiar...

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Central Board of Direct Taxes (CBDT) announces amendments to Industrial Park Scheme

The Central Board of Direct Taxes has notified amendments to the Industrial Park Scheme 2008 under sub-section (4) of section 80IA of the Income Tax Act, 1961 on 2nd July 2008. According to the amended scheme, the ambit of “industrial activity” has been expanded to include (i) research and experimental development on natural sciences ...

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CBDT relaxes scrutiny norms in a few cases

The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up. The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation co...

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CLB likely to replace BIFR

Sick industrial units may no longer have to wait for decades for the authorities to decide whether they should be revived or liquidated. To fast-track the determination of industrial sickness of enterprises, the government is planning to expand the scope of the Company Law Board (CLB) to assess whether a sick unit should be liquidated or ...

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Procedure for Selection of Cases for ‘Scrutiny’ For Non-Corporate Assessees

NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 - In super cession of earlier instructions on the above subject the Board hereby lays down the following procedure for selection of returns / cases of Non-Corporate Assessees for scrutiny during the current financial year i.e. 2007-08....

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Appointment of branch statutory auditors of Public Sector Banks – Chartered Accountants from North Eastern Region

Appointment of branch statutory auditors of Public Sector Banks - Chartered Accountants from North Eastern Region. RBI has decided to relax the eligibility norm in respect of professional standing of individual auditors/proprietar y audit firms from the North-Eastern Region (viz. the states of Assam, Meghalaya, Arunachal Pradesh, Manipur,...

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Notification No. 43/2008-Central Excise Dated : 15.07.2008

Notification No. 43/2008-Central Excise [G.S.R.527(E).] (15/07/2008)

Provided that in case of multiple track or multiple line packing machine which are incapable of performing such additional processes, each such track or line shall be deemed to be one individual packing machine for the purposes of calculation of the duty liability....

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

Notification No.87/2008-Customs (N.T.) (15/07/2008)

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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Clarification regarding applicability of the instructions contained in Public Notice No. 52 dated 27.9.2007

Policy Circular No. 19 (RE-2008)/2004-2009 (15/07/2008)

The matter has been examined in this Directorate in the aforesaid background and it has been decided that the restrictions imposed vide Public Notice No. 52 dated 27.9.2007 shall be made effective for exports on or after 27.9.07. Regional Authorities (RAs) shall process and dispose off all such pending cases accordingly. ...

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Amends Pan Masala Packing Machines (Capacity Determination And Collection of Duty) Rules, 2008.

Notification No. 31/2008-Central Excise (N.T.) (15/07/2008)

"Provided that in case of multiple track or multiple line packing machine which are incapable of performing such additional processes, one such track or line shall be deemed to be one individual packing machine for the purposes of calculation of the number of pouches per operating packing machine per month....

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Circular No. 5/2008-Income Tax Dated 14-7-2008

Circular No. 5/2008-Income Tax (14/07/2008)

Circular No. 5 of 2008-Income Tax The Central Board of Direct Taxes, vide notification S.O. No. 493(E), dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008....

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E-payment of income tax can be made from account of any other person

134/35/2008-TPL (14/07/2008)

The Central Board of Direct Taxes, vide notification S.O.No.493(E) dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. The taxpayers who are required to pay taxes by the prescribed mode are – (i) a company; and (ii) a person (other tha...

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Regarding anti-dumping duty on Titanium Dioxide

Notification No. 85/2008-Customs (11/07/2008)

Therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said Rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 54/2004-Customs, dated ...

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Ban on export of Maize -Notification 22 dated 3.7.2008–Clarification reg

Policy Circular No. 18 (RE-2008) 2004-09 (10/07/2008)

Attention is invited to Notification No 22 dated 3.7.2008 vide which export of maize has been prohibited till 15.10.2008. Exports under Transitional Arrangements under Para 1.5 of Foreign Trade Policy 2004-09 have also been prohibited under the above Notification....

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Coca Cola India (P) Ltd. Versus Deputy Commissioner of Income Tax (ITAT Pune)

Coca Cola India (P) Ltd. Vs Deputy Commissioner of Income Tax (ITAT Pune)

Service charges (assessee's appeal) (i) whether the services rendered benefited group companies. (ii) whether the expenses were incurred to take care of the TCCC brand image. (iii) whether rendering services to the bottlers could be a ground for making disallowance....

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Notification No. 23 (RE-2008)/2004-09, Dated: 08.07.2008

Notification No. 23 (RE-2008)/2004-09 (08/07/2008)

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, 2004-09, the Central Government hereby makes the following amendments in Chapter 12 of Schedule-2 of the ITC (HS) Classifications of Export and Import items...

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Amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002

Notification No. 84/2008-Customs (08/07/2008)

The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification no. 74/2008-Customs, dated the 4th June, 2008 which was published in the Gazette of India, Extraordinary vide number G.S.R.425(E), dated the 4th June, 2008....

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Notification No. 77/2008-Income Tax Dated 8/7/2008

Notification No. 77/2008-Income Tax (08/07/2008)

Notification No. 77-Income Tax It is hereby notified for general information that the organization Electrical Research & Development Association, 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 Incom...

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Amends notification vide number G.S.R. 485 (E), dated 16th July, 2007

Notification No. 86/2008-Customs (N.T.) (08/07/2008)

The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 485(E), dated the 16th July, 2007 and was last amended by notification vide number G.S.R.474 (E), dated the 24th June, 2008....

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Administrative delay in filing appeal by govt. concern is sufficient reason

The Pay and Accounts Officer (East) Chepauk, Chennai T.C.(A) Vs. The Income Tax Officer (Madras High Court)

In the present appeals, the appellant i.e., the Pay and Accounts Officer is representing the Government of Tamil Nadu. It is an admitted fact that interest imposed on the appellant under Section 201(1A) has been paid by the appellant on protest and pursued the appellate remedy by obtaining necessary sanction from the Government in G.O.Ms....

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Public Notice No. 49 (RE-2008)/2004-09, Dated: 08.07.2008

Public Notice No. 49 (RE-2008)/2004-09 (08/07/2008)

To obtain permission in writing from the Certificate Issuing Authority prior to any change in end-user which shall be preceded by the new end-user notifying the Certificate Issuing Authority that he/she agrees to the conditions contained in this document....

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Public Notice No. 48 (RE-2008)/2004-09, Dated: 08.07.2008

Public Notice No. 48 (RE-2008)/2004-09 (08/07/2008)

In exercise of 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, 2004-09....

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Public Notice No. 47 (RE-2008)/2004-2009, Dated: 08.07.2008

Public Notice No. 47 (RE-2008)/2004-2009 (08/07/2008)

In exercise of 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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SEBI : Designated e-mail ID for regulatory communication with SEBI

MIRSD/ DPSIII/ Cir-21/ 08 (07/07/2008)

In order to facilitate the above, all registered intermediaries are required to create a designated email id for regulatory communications....

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Public Notice No. 46 (RE-2008)/2004-2009, Dated: 07.07.2008

Public Notice No. 46 (RE-2008)/2004-2009 (07/07/2008)

All Handmade Carpets (other than those of Jute, Coir and Cotton) and other textile floor coverings (other than those of Jute, Coir and Cotton) that are covered under Chapter 57; of Wool, Silk, & other textiles materials (including synthetic Handmade Carpets), whether or not made up....

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Public Notice No. 45 (RE-2008)/2004-2009, Dated: 07.07.2008

Public Notice No. 45 (RE-2008)/2004-2009 (07/07/2008)

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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Excise – Expenses incurred on account of reimbursable expenses shall not form part of the value of the taxable services

Reliance Industries Limited Vs. C.C.E. (CESTAT Ahmedabad)

We also find that the Board vide its Service Tax instructions F.No.B..43/5/97-TRU, dated 2.7.97 held in para 3.5 that the expenses incurred on account of reimbursable expenses shall not form part of the value of the taxable services. To the same effect is another instruction being Service Tax F.No.B11/98-TRU, dated 7.10.98....

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Public Notice No. 44 (RE-2008)/2004-2009, Dated: 04.07.2008

Public Notice No. 44 (RE-2008)/2004-2009 (04/07/2008)

This facility shall not be available where misrepresentation / fraud has come to the notice of any authority....

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Public Notice No. 43 (RE-2008)/2004-2009, Dated: 04.07.2008

Public Notice No. 43 (RE-2008)/2004-2009 (04/07/2008)

FOB value of export for the purpose of V.A shall be arrived at after excluding the Agency Commission, if any. This provision shall be applicable for authorizations issued on or after 1.4.2008....

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Public Notice No. 42 (RE-2008)/2004-2009, Dated: 04.07.2008

Public Notice No. 42 (RE-2008)/2004-2009 (04/07/2008)

For the purpose of import of fuel under Advance Authorisation, the applicant shall indicate the name of the specific fuel sought for import in their application. Import of fuel shall also be permitted under Paragraph 4.7 of Handbook of Procedures, v1 or against Adhoc Norms as per the entitlement under “General Note for Fuel....

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Public Notice No. 41 (RE-2008)/2004-2009, Dated: 04.07.2008

Public Notice No. 41 (RE-2008)/2004-2009 (04/07/2008)

In exercise of 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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Public Notice No. 40 (RE-2008)/2004-09, Dated: 04.07.2008

Public Notice No. 40 (RE-2008)/2004-09 (04/07/2008)

In case of sub-contracting of production process abroad, goods may be exported from sub-contractor premises subject to conditions that at the time of clearance of goods, the EOU/EHTP/BTP/STP shall declare (i) the transaction value of the finished goods to be cleared from the sub-contractor’s premises abroad; (ii) job work charges to be ...

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Public Notice No. 39 (RE-2008)/2004-09, Dated: 04.07.2008

Public Notice No. 39 (RE-2008)/2004-09 (04/07/2008)

Exports made against an EPCG licence/authorization, which have not been redeemed, shall not be added up for calculating the average export performance for the purpose of subsequent EPCG authorization....

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SEBI : FII investments in Debt Securities

Cir No. IMD/FII&C/30/2008 (04/07/2008)

A copy of this circular is available at the web page “F.I.I.” on our website www.sebi.gov.in. The custodians are requested to bring the contents of this circular to the notice of their respective clients....

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Submission of multiple applications and part payments for claiming deemed export benefits under para 8.3.1 of HBP

Policy Circular No. 17 (RE-2008)/2004-2009 (04/07/2008)

Further, the condition of 100% supplies and 90% payment apply for 100% TED refund. Accordingly, TED reimbursement on prorata or actual basis whichever is less, would be admissible for part payments received, subject to production of documents evidencing payment of TED....

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Grant of benefits under Promotional Schemes of Chapter 3 and Para 5.4(v) of FTP RE2007

Policy Circular No. 16 (RE-2008)/2004-2009 (04/07/2008)

Further at the time of redemption of EPCG Authorisations for exporters (of goods) where foreign exchange earned on exports made during 1.4.2007 till 31.3.2008 is used for discharge of EO, RAs must examine this aspect once again to ensure that duty credit scrip has not been granted for foreign exchange earned on exports made during 1.4.200...

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Grant of benefits under Served From India Scheme (SFIS) and Para 5.4(v) of FTP RE2007, clarification thereof

Policy Circular No. 15 (RE-2008)/2004-2009 (04/07/2008)

Further at the time of redemption of EPCG Authorisations of Service Providers where foreign exchange earned during 1.4.2007 till 31.3.2008 is used for discharge of EO, RAs must examine this aspect once again to ensure that SFIS has not been granted for foreign exchange earned during 1.4.2007 till 31.3.2008 which has been used for fulfillm...

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Notification No. 22 (RE-2008)/2004-2009, Dated: 03.07.2008

Notification No. 22 (RE-2008)/2004-2009 (03/07/2008)

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, 2004-09, the Central Government hereby makes the following amendments in the ITC (HS) Classifications of Export and Import...

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Import policy of items classified under ITC (HS) Code 2846 (Compounds, in-organic or organic, of rare-earth metals, of yttrium or of scandium or of mixtures of these metals)

Policy Circular No. 14 (RE-2008)/2004-2009 (03/07/2008)

In view of the difficulties expressed by trade and industry, as a special case, it is clarified that, import of items classified under ITC (HS) Code 2846 (Compounds, in-organic or organic, of rare-earth metals, of yttrium or of scandium or of mixtures of these metals) shall be considered ‘Free’, retrospectively with effect from 01.01...

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Public Notice No. 38 (RE-2008)/2004-2009, Dated: 02.07.2008

Public Notice No. 38 (RE-2008)/2004-2009 (02/07/2008)

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. 1), the Director General of Foreign Trade hereby makes the following addition in the Schedule of DEPB Rates (as amended from time to time) with immediate effect....

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Notification No. 76/2008-Income Tax Dated 2/7/2008

Notification No. 76/2008-Income Tax (02/07/2008)

Notification No. 76-Income Tax In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the Industrial Park Scheme, 2008, namely:- 1. (1) This Scheme may be called the Industrial Park (Amendment) Sche...

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Public Notice No. 37 (RE-2008)/2004-2009, Dated: 01.07.2008

Public Notice No. 37 (RE-2008)/2004-2009 (01/07/2008)

In exercise of 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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Public Notice No. 36 (RE-2008)/2004-2009, Dated: 01.07.2008

Public Notice No. 36 (RE-2008)/2004-2009 (01/07/2008)

The existing entry at Sr.No.14 at the end of para 2.8(v) of Handbook of Procedure(Vol.I) relating to Importer Export Code No.0100000151 allotted to the Directorate of Purchase and Stores, Department of Atomic Energy, Government of India, is hereby deleted. ...

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General Circular No. 1/2008, dated 01/07/2008

General Circular No. 1/2008 (01/07/2008)

The Hon’ble Company Law Board vide order dated 3-8-2007 passed under section 141 of the Companies Act-1956 had authorized the Central Government to accept documents relating to registration, modification and satisfaction of charges up to a period of 300 days from the date of event by levying additional fee prescribed in section 611(2)...

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Amends Notification No.68/2006-Customs Duty, dated 30th June, 2006

Notification No. 83/2008-Customs (01/07/2008)

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 interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of R...

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Notification No. 30/2008 – Service Tax, dated 01-07-2008

Notification No. 30/2008-Service Tax (01/07/2008)

Notification No. 30/2008-Service Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 94 read with section 73C of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules, namely:- Short title and commencement. ─ (1) These rules may be called the Service Tax (Provisiona...

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Regarding Pan Masala Packing Machines

Notification No. 42/2008-Central Excise [G.S.R 492 (E).] (01/07/2008)

- For the purposes of this notification, if there are multiple track or multiple line packing machine which besides packing the specified goods in pouches, perform additional processes involving moulding and giving a definite shape to such pouches with a view to distinguish the brand or to prevent the counterfeiting of the goods, etc., tw...

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Notification No. 21 (RE-2008)/2004-2009, dated: 01.07.2008

Notification No. 21 (RE-2008)/2004-2009 (01/07/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No. 22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes the following amendment in Foreign Trade Policy....

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Notification No. 20 (RE-2008)/2004-2009, Dated: 01.07.2008

Notification No. 20 (RE-2008)/2004-2009 (01/07/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.3 of the Foreign Trade Policy – 2004-09, the Central Government hereby amends Para 1.4 under Chapter-1A of the Foreign Trade Policy....

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