Circular No. 788-Income Tax Sub-section (4) of section 80-IB of the Income-tax Act, 1961 provides for deduction in the case of an industrial undertaking in an industrially backward State specified in the Eighth Schedule of the Income-tax Act, 1961. The Eighth Schedule lists industrially backward States and Union Territories.
Instances have come to the notice of Central Board of Excise and Customs that in some case of import of baggage in commercial quantity the Adjudicating/Appellate authorities have dropped/set aside the order imposing redemption fine and personal penalty on non bonafide baggage, on the plea that these items are otherwise freely importable under the EXIM Policy
It has been decided that the no delivery period arising out of book closure/ record dates in respect of the scrips for which delivery by all investors has beenmade compulsory in dematerialised form would be further reduced to one settlement period
the Reserve Bank of India has withdrawn its guidelines on money market mutual funds (MMMFs) w.e.f. March 7, 2000. Accordingly, such money market mutual fund schemes, like any other mutual fund schemes, would exclusively be governed by the SEBI (Mutual Funds) Regulations,1996.
, it is to inform you that the Reserve Bank of India has withdrawn its guide.ines on money market mutua. funds (MMMFs) w.e.f. March 7, 2000. According.y, such money market mutua. fund schemes, .ike any other mutua. fund schemes.
presentations have been received from the trade and also from the Economic and Commercial Counsellor’s Office Embassy of People’s Republic of China, New Delhi informing that, State Administration for entry – exit inspection and Quarantine of the People’s Republic of China has now been authorised by the concerned authority in China to issue such gradation certificates as were being issued earlier by CCIB, China.
Attention is invited to Paragraph 6.8 of the Handbook (Vol.1) wherein it has been stated that in such cases where nexus norms have already been communicated by Headquarters in any case or the same is already established on the basis of the EPCG licences issued in the past by the Port Offices, such applications may not be forwarded to Headquarters EPCG Committee.
Many references have been received seeking clarification whether a DEPB can be issued against a White Colour Shipping Bill generated through the EDI Systems in Customs. In this connection, it is clarified that DEPB benefits can be granted against a Shipping Bill, irrespective of its colour, having an endorsement on the Shipping Bill that the exports are made under the DEPB Scheme.
Representations have been received from the Exporters and the Trade that the Drawback on unmachined sanitary castings and unmachined industrial castings is not being allowed under S.S. No. 73.03 of the Drawback Table as the corresponding Customs Tariff Heading has not been mentioned against the said Drawback S.S. No. in the Drawback Tables for the year 1997-98, 1998-99
Circular No. 525/21/2000-CX The Supreme Court in its order dated 2.11.99 in the Civil Appeal No. 10744-45/95 in the case of M/s Hindustan Sanitaryware and Industries Ltd and another Vs Commissioner of Customs Calcutta has finally settled the issue regarding this distinction sought to made between a “Spare part” and the component part. As may be observed, the Apex Court has approved the decision of the larger Bench of the Tribunal in the case of Jindal Strips Ltd. Vs CC, Bombay (1997) (94) ELT 234
