Circular No. 178/12/96-CX During oral evidence before the Pubic accounts Committee on Audit para 3.48/91-92 on the Report of the C & AG of India for the year ending 31.3.1992 the matter regarding fraudulent availment of Modvat Credit by M/s. Sipani Automobiles Ltd. Bangalore, a manufacturer of motor -cars who took Modvat Credit fraudulently to tune of Rs. 76.84 lacs in excess of the duty paid on the inputs during the period February, 1991 to March, 1992
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.
In case of new issues, the stock exchanges decided that they would reach an agreement whereby every exchange would grant listing permission to the company’s share individually, but would allow trading only after the shares are granted listing permission by all stock exchanges named in the prospectus for enlisting of shares.
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
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
Circular No. 175/9/96-CX I am directed to say that doubts have been expressed regarding eligibility of fat liquors for concessional rate of duty in terms of Notification No. 12/94-CE dated 1.3.94 as amended by Notification No. 14/95-CE dated 16.3.95.
Representations have been received by the Board that benefit of certain exemption notification are being denied by the Customs Houses / Commissionerates on the ground that the goods, wile being covered by the description specified under the notification, do not fall in the Capters/ Heading/ Subheading Nos. (herein after referred to as Tariff references) mentioned in the notification. In this
