Notification No. S.O.1112-Income Tax In exercise of the powers conferred by clause (viii) of sub-section (1) of section 36 of the Income-tax Act, 1961, the Central Government hereby approves Technology Development and Information Company of India Limited, Leo Complex, 5th Floor, 44 and 45, Residency (Cross Road), Bangalore-560 025, as a company for the purpose of the said clause for the assessment years 1994-95 to 1996-97.
Circular No. 34/34/94-CX I am directed to state that after the introduction of invoice-based assessment procedure, a number of representations have been received from various quarters on the implementation of the new procedure. These representations have been examined and the following instructions for guidance.
Notification No. S.O.1111-Income Tax In exercise of the powers conferred by clause (viii) of sub-section (1) of section 36 of the Income-tax Act, 1961, the Central Government hereby approves Fairgrowth Home Finance Ltd., 22/11, Vittal Mallya Road, Bangalore-560 001, as a company for the purpose of the said clause for the assessment years 1991-92 to 1994-95.
Notification No. S.O.1172-Income Tax In exercise of the powers conferred by clause (viii) of sub-section (1) of section 36 of the Income-tax Act, 1961, the Central Government hereby approves M/s. SCICI Ltd., 141, Maker Tower ‘F’, Cuffe Parade, Bombay-400 005, as a company for the purpose of the said clause for assessment years 1994-95 to 1996-97.
Accordingly the stock exchanges are advised that no deposit be collected from the mutual funds in respect of the schemes floated by them for public subscription which are sought to be listed at the stock exchanges. These instructions may be given effect to immediately.
It has come to our notice that at times the stock exchanges grant permission for trading for certain securities on the basis of a certificate by the concerned company that it has commenced the despatch of share certificates/relevant securities.
Cir. No. 32/32/94-CX I am directed to refer to Board’s instructions contained in F.No. 289/10/91-CX.9 dated 18.3.91 under which powers have been delegated to the Principal Collectors of Central Excise to grant, in individual cases, the facility of payment of Central Excise dues in upto 12 installments on merits.
Considering the recurring thefts of dividend warrants/refund orders/ interest warrants, the Securities & Exchange Board of India has requested the companies to institute a procedure of requesting the shareholder to indicate his account number and bank branch so that the cheques /drafts/warrants sent to the shareholder include the details of his account number and the designated bank branch.
I am directed to refer to Boards letter F.No. 208/61/92-CX.6, dated 04/041996, whereby the Boards Circular No. 15/90-CX. 6, dated 09/08/1990 was modified so as to enhance the monetary limit for launching prosecution from Rs. 1 lakh To Rs. 5 lakhs.
Circular No. 30/30/94-CX Instructions contained in the aforesaid letter envisage that before launching any prosecution, it is necessary that the department should have evidence to prove that the person, company or individual had guilty knowledge of the offence or had fraudulent intention to commit the offence or in any manner possessed mens-rea (mental element) which would indicate his guilt
