Circular No.405/38/98-CX It has come to the notice of the Board that Commissioner forward in certain cases proposals for review of the Supreme Court decisions which are adverse to revenue. These proposals in most cases do not give any detailed reasons with facts and earlier case laws on the issues which may justify the Hon”ble Court being approached for a review/ reconsideration of their order. Copies of the relevant documents on records, various judgements, copies of authoritative opinion of experts/ trade organisations/ bodies or extracts from authentic technical books etc
Circular No. 768-Income Tax At present trading in securities is done through the physical movement of the scrips. Transactions are settled through the endorsement and delivery of the certificates which are also the proof of ownership of the security mentioned therein. This system is fought with many difficulties caused due to bad deliveries and loss of share certificates.
Circular No. 404/37/98-CX The issue regarding inclusion of notional interest on advance deposits in the assessable value of excisable goods has been re-examined by the Board in view of several references received from the field formations and the trade seeking clarifications.
I am directed to refer to Board’s Circular No. 14/98-Cus dated 10.3.98 issued from F.No. 305/107/97 – FTT regarding execution of the single bond in lieu of different bonds being executed at present by 100% EOUs / EPZs units which has been notified vide Notification No. 6/98-CE (NT) dt. 2.3.98 called B-17 bond. It was provided in the above said circular that only surety bond has to be
Representation have been received as to whether Seafood and Aquaculture processed food shall be covered within the definition of food processing. The matter was referred to Ministry of Food processing which clarified that seafood and aquaculture processed food shall be covered within the definition of food processing.
In such cases Collecting Branches of the Issuer Bank will transfer the balance in their issue accounts at the end of each working day to the Controlling Branch of the Bank, who in turn will transfer the balance in the collection account to the principal account
Circular No. 403/36/98-CX A proposal regarding nomination of representatives of Service Tax Sector in the Regional Advisory Committees by DG (Service Tax) has heen under consideration of the Board. The DG(ST) has proposed that each Commissionerate should have 3 representatives from Service Tax Sector in the RAC with further recommendation that this could be increased to 5 with the Separate RAC for Service Tax Sector,
Certain measures were taken by SEBI yesterday i.e. (June 15, 1998) in consultation with the Inter-Exchange Surveillance Group and the Stock Exchanges regarding the introduction of concentration margins and incremental margin on Carry Forward trades. The market position was further reviewed today and in consultation with Stock
Attention is invited to Paragraph 6.11 and 6.12 of the current Handbook of Procedures,Ist April, 1997- 31st March, 2002 (revised edition announced on 13.4.1998), which laid down the time schedule for fulfilment of EO under 10% EPCG Scheme and Zero Duty EPCG Scheme. The said time schedule is applicable to the EPCG licences issued on or after 5th June, 1995.
I am directed to say that there is immediate need for providing responsible and responsive tax administration. Quick two way communication between the Customs Department and the public/ Trade will certainly go a long way in reducing disputes, especially those relating to procedural lapses, and will also ensure improvement in efficiency of the Department in providing quality service to
