In exercise of the powers conferred by sub-section (1) of section 621 of the Companies Act, 1956 (1 of 1956) and in supersession of the Ministry of Law, Justice and Company Affairs (Department of Company Affairs) notification number G. S. R. 69 (E) dated the 15th February, 1995,
Circular No. 298/14/97-CX I am directed to say that a case has come to the notice of the Board wherein a Show Cause Notice was issued for demanding duty for a period of five years and the Commissioner while adjudicating the case held that the demand was time barred as there was no suppression of facts etc.
Where there are two or more persons in control over the target company, the cesser of any one of such persons from such control shall not be deemed to be a change in control of management nor shall any change in the nature and quantum of control amongst them constitute change in control of management.
Kind attention is drawn to condition (6) of Notification No. 110/95-Cus. dated 5.6.95 which provides for installation of capital goods imported under EPCG Scheme and for a certificate being obtained from Jurisdictional Asstt. Commissioner of Central Excise, to be produced within 6 months from the date of completion of imports or within the extended period as allowed by the Asst. Commissioner
Circular No. 297/13/97-CX I am directed to refer to the above subject and to the date furnished to C & AG in this regard. It appears that divergent criteria were adopted by different wings of the same Commissionerate, namely Audit Wing, Technical Wings etc., the data furnished by the Directorate of Audit and the Directorate General of inspection were also found to have varied. Besides, huge pendencies have been reported in spite of Board”s instruction that provisional assessments should be finalised within a period of 6 months
Notification No.S.O.120(E) – Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Alliance Capital Mutual Fund set up under the trust deed dated the 27th December, 1994, between Alliance Capital Management Corporation of Delaware, United States of America and Mr. Dave H. Williams, United States of
Circular No. 304/20/97-CX I am directed to invite your attention to para 3 of the Board”s Circular No.284/118/96- CX (F.No. 209/54/96- CX.6) dated 13.12.1996, whereby certain exporters have been specified, who are permitted to execute bond without security/ surety subject to the conditions, also specified therein.
Circular No. 296/12/97-CX The procedural restriction envisaged in sub-rule (2) and 2(A) of rule 224, read with sub-rule (2) of rule 173G of the Central Excise Rules, 1944, regarding removal of excisable goods after 6 P.M. on the day preceding the Budget Day, should be strictly enforced on all assessees, including those working under Self Removal Procedure. It is once again reiterated that the schemes of Record Based Control and Production Based Control are comprised in Self Removal Procedure.
In exercise of the powers conferred by sub-section (2) of section 530 of the Companies Act, 1956 ( I of 1956) the Central Government hereby notifies that the sum to which priority shall be given under clause (b) of sub section (1) of section 530 of the said Act with effect from 1st day of March, 1997 shall not in case of any one claimant, exceed the sum of Rs. 20,000/- (Rupees twenty thousand only.
Circular No. 295/11/97-CX I am directed to invite your kind attention to Board”s circular No. 5/83-CX.6 dated 10.3.83 issued from file No. 210/28/81-CX-6 (copy enclosed)1 and to say that instances have come to notice of failure to issue protective demands on receipt of audit objections. Instances are also coming to notice when demands are being held as time barred in adjudication and appellate proceedings. Basically, in such cases there is delay in issuing show cause notices leading to demands becoming time barred and consequential revenue loss.
