The purpose behind providing exemption under regulation 3(1)(ia) was to facilitate disinvestment by venture capital fund or foreign venture capital investors of shares held by them in a venture capital undertaking in favour of the promoter of such venture capital undertaking.
As per Section 11(2) (f) of the Securities and Exchange Board of India Act, 1992, SEBI is empowered to undertake such measures as it deems fit to promote investors’ education. One of the measures being undertaken to promote investors
3. In this context, it may be pointed out that the “Refund” envisaged in the notifications is not on account of any excess payment of excise duty by the manufacturers, but is basically designed to give effect to the exemption. In other words, the mechanism has been adopted to operationalize the exemption envisaged in these two notifications. In view of this aspect of the matter, the provisions of Section 11B of the Central Excise Act, 1944 would not apply in the case of these notifications
At least 50% of non-promoter holdings as per clause 35 of Listing Agreement are in demat mode before shifting the trading in the securities of the company from TFTS to Rolling settlement.
I am directed to say that references have been received from field formation seeking clarification as to whether ready to eat packaged food items like namkeen, bhujia etc. are eligible for full exemption or are liable to 8% excise duty under notification No. 3/2006-CE dated 1.3.2006. Sr. No. 29 and Sr. No.30 of the notification No. 3/2006-CE
Certain manufacturers of biris purchase tobacco, obtain tendu leaves and make biris by rolling the tobacco in tendu leaves. This process is done without using any machine. The printed labels/ wrappers used for packing the biris are either purchased from the market or got manufactured on job work basis by sending the paper to the job workers by the manufacturers of biris
Circular No. 12/2006-Income Tax The Central Board of Direct Taxes, vide Notification S.O. No. 1163(E), dated 24-7-2006, inter alia, notified a new return from (Form No. 1) for companies for assessment year 2006-07.
This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
Some doubts have been expressed as to whether parts falling under Chapters other than 87, when used within the factory of production for manufacture of goods of heading 8701 are eligible for the exemption under Notification No. 6/2002-CE dated 1.3.2002 (Sr. No. 296) and Notification No. 6/2006-CE dated 1.3.2006(Sr. No. 92).
Representations have been received in the Board that certain field formations are proposing to charge excise duty on agricultural tractors on the ground that besides agricultural work, these tractors are used for haulage of farm products, fertilizers, etc. thereby qualifying as “road tractors for semi-trailers” attracting Central Excise duty @ 16%. “Road tractors for semi-trailers” attract Central Excise duty at the rate of 16%, if the engine capacity is more than 1800 cc.
