Provided that if the investment made under this notification is withdrawn before the expiry of ten years and is not reinvested as mentioned above, the duty which is equal to the amount so withdrawn and not so reinvested, shall be paid by the manufacturer on the date on which the investment is withdrawn
Notification No. 27-income Tax Whereas the Central Government, in exercise of the powers conferred by sub-clause (h) of clause (iv) of sub-section 15 of Section 10 of the Income-tax Act, 1961, specified “9.5% Tax Free Bonds” of Rs.240 crore issued by the National Textile Corporation Limited bearing distinctive numbers from 1 to 24000
Notification No. 24-Income Tax In exercise of powers conferred by the sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the “Gurudwara Bara Sikh Sangat, M.G. Road, Kolkata” for the purpose of the said sub-clause for the assessment years 2003-2004 to 2005-2006 subject to the following conditions
Notification No. 23-Income Tax In exercise of powers conferred by the sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the “Karnataka Chief Minister’s Medical Relief Society Bangalore” for the purpose of the said sub-clause for the assessment years 2002-2003 to 2004-05 subject
Notification No. 22-Income Tax In exercise of powers conferred by the sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the rational Children’s Fund, 5, Siri Institutional Area, Hauz Khas, New Delhi for the purpose of the said sub-clause for the assessment years 1993-1994 to 1995-1996 subject to the following conditions
The principal notification No. 12/97-CUSTOMS (N.T), dated the 2nd April,1997,was published in the Gazette of India, Extraordinary Part-II,section3, sub-section (i), vide G.S.R 193 (E) dated the 2nd April,1997 and was last amended vide notification No.1/2004-CUSTOMS (N.T.), dated the 2nd January, 2004.
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
It may be mentioned that the amending notification does not in any way alter the scope of the existing notification and is only in the nature of correction of spelling. The benefit of conecessional rate of duties as applicable, may not be denied on this account and pending cases, if any, may be disposed off accordingly.
The exemption contained in these notifications is applicable either to the new industrial units or units undertaking substantial expansion by way of increase in installed capacity by not less than 25%.
