Seeks to amend Notification No. 116/2010-Customs dated 1st November, 2010 so as to provide deeper concession on Petroleum oils and oils obtained from bituminous minerals falling under the tariff item 2709 00 00 of the First Schedule to the Customs Tariff Act, 1975, when imported into India from Brunei Darussalam in terms of ASEAN-India Free Trade Agreement.

Notification No. 136/2010-Customs, New Delhi dated the 31st December 2010

G.S.R. (E).- 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 amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.116/2010-Customs, dated the 1st November, 2010 which was published in the Gazette of India, vide number G.S.R. 875 (E), dated the 1st November, 2010, namely:-

In the said notification, in the preamble, for the figure, signs and words “3% ad valorem” the figure, signs and words “2% ad valorem” shall be substituted.

2. This notification shall come into force with effect from 1st day of January, 2011.

?F. No. 354/64/2003-TRU (Pt.I)]

(Vikas)

Under Secretary to the Government of India

Note: The principal notification No. 116/2010-Customs, dated the 1st November, 2010 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 875 (E), dated the 1st November, 2010,

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0 Comments

  1. sudhanshu says:

    the moot point here is that why cant gifts be charged as the income of the assessee. because u/s 56 of the income tax act gifts ae exempt only when given by relatives on specific occassions and that too when they are less tha 50000. why didn’t the AO examine the issue along these lines? and if the AO failed why hasn’t the department taken the same plea in the appeal?

  2. sudhanshu says:

    the moot point here is that why cant gifts be charged as the income of the assessee. because u/s 56 of the income tax act gifts ae exempt only when given by relatives on specific occassions and that too when they are less tha 50000. why didn’t the AO exa

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