Circular No. 2/2002-Income Tax A review of the tax treatment of income arising from Deep Discount Bonds has been under consideration in the Board for some time. The Board had earlier clarified by way of certain letters issued to the Reserve Bank of India and others that the difference between the bid price (subscription price) and the redemption price (face value) of such bonds will be treated as interest income assessable under the Income-tax Act.
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 under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the said Customs Act and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
Rate of exchange applicable for the purposes of calculation of 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 under sub-clause (i) of clause (a) of sub-section (3) of section 14 of the said Customs Act, and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
Notification No. 44-Income Tax It is notified for general information that Gruh Finance Limited, “GRUH”, Netaji Marg, Nr. Mithakhali Six Road, Ellisbridge, Ahmedabad-380 006 has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment year 1997-98.
Circular NO 618/9/2002-CX I am directed to invite reference to Supreme Court”s judgement in case of SIV Industries v. CCE [2000 (117) E.L.T. 281 (S.C.)] vide which the Apex Court had held that “proviso to Section 3(1) regarding the duty chargeable on goods cleared by EOUs shall be applicable only to sales made in DTA upto 25% of production which are allowed to be sold into India as per provisions of EXIM Policy”.
General Circular No. 4/2002 circulates Notification GSR 77(E), amending Companies (Acceptance of Deposits) Rules, 2002. Issued on 11th February 2002.
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Paragraphs 1.3 and 4.11 of the Export and Import Policy, 1997-2002 (incorporating amendments made upto 31.3.2001), The Central Government hereby makes the following amendments in the ITC(HS) Classification of Export and Import items, 1997-2002 (incorporating amendments made upto 31st August, 1998 ) and as amended from time to time.
he open position for all derivative contracts would be valued as the open interest multiplied with the closing price of the respective underlying in the cash market.
References have been received from port offices to clarify whether Policy Circular No. 23 dated 22.10.97 is applicable to VABALs issued prior to 1.4.1993. The issue was discussed by Policy Review Committee (PRC) in its meeting held on 24.12.2001 under the chairmanship of DGFT. It is clarified that the intention of the said Policy Circular No.23 dated 22.10.97 being to cover all VABALs issued from 01.04.1992 onwards.
Any deviation from the above mentioned arrangement should be viewed seriously and action may be taken against the Assessing Officers/Adjudicating Authorities.
