Circular No. 679/70/2002-CX I am directed to refer to Board’s Circular No. 378/11/98-CX dated 12.3.98 wherein it has been clarified that in situation where deferment of payment of Sales tax for particular period is allowed by State Government as incentive, Sales tax is deductible from the wholesale price for determination of assessable value for levy of Central Excise duty even though it may not be deposited immediately with the State Government.
Circular No. 678/69/2002-CX I am directed to say that doubts have been raised regarding the classification and dutiability of “thrust bearing assembly” used in submersible power driven pumps. Some field officers have taken the stand that it is a ‘bearing’ falling under sub-heading 8483.90 whereas the assesses are contending that it is merely a part of power driven pump falling under sub-heading 8413.99
I am directed to refer to the subject mentioned above and to say that a doubt has been raised as to whether palm stearine is classifiable under CTH 15.11 or 38.23 of the Customs Tariff.
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, 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 erstwhile Ministry of Finance (Department of Revenue), No. 39/96-Customs, dated the 23rd July, 1996, namely.
Notification No. 361-Income Tax This notification shall take effect on and from the date of its publication in the Official Gazette. [F.No.187/11/2001-ITA-I]
Notification No. 362-Income Tax In the notification of the Government of India in the erstwhile Ministry of Finance bearing S.O. 657(E) dt. 21st June, 2002, published on the 31st June, 2002, in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii) for “Housing Development Financial Corporation Limited” read “Housing Development Finance Corporation Limited”.
Notification No. 360-Income Tax This notification shall take effect on and from the date of its publication in the Official Gazette.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 64/95-Central Excise, dated the 16th March,1995 [G.S.R. 256(E), dated the 16th March,1995] and was last amended by notification No. 25/2002-Central Excise, dated the 11th April, 2002[G.S.R. 276(E), dated the 11th April, 2002.
The principal notification was published in the Gazette of India, Extraordinary, vide notification No. 36/2001-CUS. (N.T.), dated, the 3rd August, 2001 [ S.O. 748 (E), dated, the 3rd August, 2001] and was last amended vide notification No. 73/2002- CUS.(N.T.), dated, 26th November, 2002.
Notification No. 359-Income Tax In exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby specifies the “REC 54EC Capital Gains Tax Exemption Bonds” issued by the Rural Electrification Corporation Limited, New Delhi for the purposes of the said clause
