The special excise duty was being levied from 1963 upto 1971 by various Finance Acts passed from time to time. It was discontinued from 1972 until 1978 when it was revived by the Finance Act, 1978. Thereafter, it was being levied from year to year by annual Finance Acts.The provisions of these Finance Acts,insofar as the levy of special excise duty is concerned,are identical
Circular No. 176/10/96-CX It has been reported that, in practice, the Divisional Assistant Commissioners had been granting permissions for cutting and re-packing of duty paid fabrics received in lump form, after proper identification vis-a-vis the duty paid document. Supervision charges were also collected in such cases which indicate that the entire activity of cutting and re-packing was carried out under Central Excise supervision.
Circular No. 737-Income Tax Sections 44AD and 44AE were inserted in the Income-tax Act, 1961, by the Finance Act, 1994, w.e.f. 1st April, 1994. Section 44AD provides for a method of estimating income from the business of civil construction or supply of labour for civil construction work, where the gross receipts from the business do not exceed Rs. 40 lakhs.
Notification No. S.O.630-Income Tax It is notified for general information that the SBI Home Finance Ltd., Nagaland House, 11 and 13, Shakespeare Sarani, Calcutta-700 071, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1996-97 to 1998-99.
Notification No. S.O.631-Income Tax It is notified for general information that the Cent Bank Home Finance Ltd., Flat No. 1, Plot No. 51, Arera Hills, Hoshangabad Road, Bhopal-462 011, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1995-96 to 1997-98.
Commissioner of Customs, Bombay has informed that in a number of cases the exporters while applying for Value Based Licences often state inflated unit prices in the application in order to obtain a licence for a higher CIF value so long as they are able to meet the
Notification No. S.O.568-Income Tax It is notified for general information that the Housing and Urban Development Corporation Ltd., Hudco House, Lodhi Road, New Delhi-110 002, have been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1995-96 to 1997-98.
Customs and Central Excise Duties Drawback Rules, 1995 were notified on 26th May, 1995 specifying time limit for filing claims for drawback. Rule 13(1) of the said rules provided that a claim should be filed within three months from the date relevant for applicability of the amount or rate or drawback in terms of sub-rule (3) of rule 5. Accordingly in case of goods exported by Sea or Air, a drawback
I am directed to draw attention to the letter of the Confederation of Export Units, pointing out some ambiguity about the status of EOU / EPZ units in the interim period between the completion of the initial period of approval and actual approval to continue as an EOU. In this regard it is clarified that Section 65 of Customs Act 1962 would adequately cover their case if they wished to continue the
The undersigned is directed to refer to the provisions of notification no. 64/94 Customs dt. 1.3.94 under which complete WOEGs are charged a concessional duty of 25% under S.No. 1 whereas under S.No. 3 ibid, specified parts of the same imported for manufacture of WOEGs are extended Nil rate of duty
