Circular No. 450/16/99-CX The Board has been perturbed with the increasing pendency of appeals including stay petitions with commissioners (Appeals). Since as per Board”s instructions issued in June, 1998 no coercive action for recovery of duty/penalty involved in the appeal is normally to be taken by field officers till the disposal of stay petitions by the Commissioners (Appeals), delay in disposal of such stay petitions comes in the way of recovery of Government”s legitimate duties.
It has therefore been decided to postpone the date for compulsory dematerialised trading in these scrips by institutional investors and OCBs to a date which would be announced after they complete the formalities.
Subject to the provisions of Regulation 3 (2A ) of SEBI Merchant Bankers (Amendment) Regulation, 1997, a merchant banker can carry on Portfolio Management activities
Circular No. 775-Income Tax Section 80DD, substituted for sections 80DD and 80DDA by the Finance (No. 2) Act, 1998, lays down that the deduction on account of expenditure incurred by way of medical treatment (including nursing), training and rehabilitation of a handicapped dependant or amount paid or deposited in
the manufacturer maintains an account of the quantity of cement cleared in bulk from the factory, the quantity of the cement received at the declared bagging plant, and the cement cleared in bags from the bagging plant thereafte.
Notification No.S. O. 923 – Income Tax It is notified for general information that enterprise, listed at para. (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 1998-99, 1999-2000 and 2000-2001
Notification No. 922 – Income Tax It is notified for general information that Andhra Bank Housing Finance Ltd., 1st Floor, United India Insurance Building, Basheerbagh, Hyderabad-500029, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 and 1999-2000
Notification No.S. O. 921 – Income Tax It is notified for general information that enterprise, listed at para. (3) below has been approved by the Central Government for the purpose of section 10(23G) of the Income-tax Act, 1961, read with rule 2E of the Income-tax Rules, 1962, for the assessment years 1998-99, 1999-2000 and 2000-2001
Notification No.S. O. 181(E) – Income Tax In exercise of the powers conferred by sub-section (1) of section 54EB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following assets, referred to as the long-term specified assets, for the purposes of the said section, namely
Circular No. 449/15/99-CX References have been received from the field formations regarding doubts on the dutiability of waste packages/containers used for packaging Modvatable inputs when cleared from the factory of manufacturer availing Modvat Credit. The doubt arose in view of conflicting judgments of CEGAT rendered in the case of M/s. West Coast Industrial Gases Ltd. v. CCE, cochin reported in 1996 (83) ELT (358 CEGAT and in the case of M/s IOL v. CCE reported in 1993 (68) ELT (624).
