In view of the above, the cut-off date for the stock brokers to become Y2K compliant has been extended up to December 15, 1999. You are advised to invariably deactivate the trading terminals of those stock brokers, who are not Y2K compliant,
Circular No. 498/64/99-CX Please find enclosed a copy of Honble Supreme Courts order dated 13-9-1999[2000 (115) E.L.T. A80] in respect of the above case. Vide the said order, the Hon’ble Supreme Court has dismissed the appeal filed by the Deptt., considering the smallness of the amount involved and not leaving the question of law open.
Circular No. 497/63/99-CX I am directed to say that doubts have been expressed whether computer network installed at customer premises by inter-connecting duty paid computers and peripherals will amount to manufacture under the Central Excise Act, 1944.
Circular No. 496/62/99-CX It has come to the notice of the Board that in a number of cases, the Commissioners of Customs & Central Excise have been filing applications before the CEGAT for out of turn hearing. However it has been brought to Board”s notice that in most of the cases, there applications do not mention any reasons for seeking an early hearing, and as a result, these applications for early hearing are being dismissed by the Tribunal.
The stock exchange shall incorporate the above mentioned conditions in the Memorandum of Association/Articles of Association of the subsidiary/company.
A clarification has been sought as to whether a Regional Licensing Authority can consider request for clubbing Advance licence/licences issued by it with another licence/licences issued by DGFT, Headquarters subject to satisfying conditions laid down in Paragraph 7.20 of the Handbook of Procedures, Vol. 1, 1997-2002 (RE-99).
In this regard it is further clarified that ‘Pre-mixes’ containing vitamins or pro-vitamins, aminoacids, coccidiostats etc. for use exclusively in animal feed as supplements continue to be classified under the Heading 23.09, as per Explanatory Notes to Harmonized Commodity Description and coding system.
Circular No. 785-Income Tax Attention is invited to Board’s Circular No. 664, dated 29-9-1993 explaining the provisions of section 203 of Income-tax Act, 1961 under which the person deducting tax under any provision of Chapter XVII of the Income-tax Act, 1961 is required to furnish a certificate to the effect that
Circular No. 495/61/99-CX-3 It has been brought to the notice of the Board that field formations are demanding duty on the compound preparation arising during the course of manufacture of Agarbathi classifying them under heading 3302.90 of the Central Excise Tariff as odoriferous compound.
Circular No. 784-Income Tax Section 273A(4) of the Income-tax Act, 1961 provides that the Commissioner of Income-tax may, on an application by an assessee, and after recording his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under the Income-tax Act or stay or compound any
