Instances have been brought to the notice of the Board where exporters are facing difficulties in clearing their imported goods on account of objections being raised by the custom Houses with regard to endorsement of quantities/ value in the Sensitive Lists. In this regard the position is clarified as under
I am directed to say that the Audit has brought to the notice of the Board a case where an importer filed a warehousing Bill of Entry for bonding certain imported goods and in this direction, he also executed a warehousing Bond as per Section 59 of the Act. The Bond was accepted by the Customs House. However
Circular No. 112/23/95-CX The undersigned in directed to enclose copy Notification No. 75/95-CE dt.24.3.95* amending notification No. 1/93-CE dt. 28.2.93 so as to make certain consequential changes on account of the changes in the Central Excise Tariff relating to textiles.
Circular No. 111/22/95-CX The Principal Chief Controller of Accounts, Central Board of Excise and Customs has recently brought to the notice of the Board a case of fraud in payment of Central Excise duty by an assessee in Bombay involving a sum of Rs. 1.44 lakhs. In this case modus operandiadopted by the assessee was to forge the amounts
In some cases the aggrieved party has a right of appeal to the Governing Board/Council of Management against the decision of the Committee.
The undersigned is directed to refer to Ministry’s instruction F.No. 450/65/92-Cus-IV dated 28.9.94 wherein the legal position regarding levy of Customs duty on rigs brought in the designated area of the Exclusive Economic Zone and levy of excise duty on oil
I am directed to refer to the correspondence resting with Board’s letter F.No. 473/25/90-CUS-VII dated 30.9.91 on the above subject and to say that as a measure of further relaxation it has been decided that only 5% bank guarantee along with the transit
I am directed to enclose a copy of Notification No. 77/ 95-Cus1 dated 22.03.95 amending the Notification No. 69/95-Cus. dated 16.03.95 so as to prescribe customs duty of 25% on all goods (pulps) of heading Nos. 47.01 to 47.05. In para 1.2 read with para 38.1 of Notes Explaining Important Changes in Customs Duty also
Circular No. 700-Income tax Section 80-O of the Income-tax Act, 1961, provides for a deduction of 50% from the income of an Indian resident by way of royalty, commission, fees or any similar payment from a Foreign Government or enterprise
Circular No. 701-Income Tax As per sub-clauses (iiia) and (iiib) of section 2(24), read with section 17, of the Income-tax Act, 1961, any allowance, by whatever name called, given by the employer to the employee, is taxable as income in the hands of the employee. All allowances including Dearness Allowance, Additional Dearness Allowance, City Compensatory Allowance, House Rent Allowance, Meal Allowance
