Striking off under section 560 now requires affidavit, indemnity bond, and prior notice to the income-tax commissioner.
Registrars must obtain an affidavit from the managing director/whole-time director or two directors confirming no assets or liabilities and inactivity for at least one year supported by audited accounts, secure an indemnity bond from those officers to meet any liabilities post striking off, and issue a notice to the income-tax commissioner with incorporation and address details before removing a company's name from the register, while otherwise complying with the statutory removal procedure.

Appraisal report endorsement requirement limited to major industrial searches; preliminary reporting period extended to seven days.
Appraisal reports from searches are to be endorsed to the Board only in cases involving Large Industrial Houses or where asset seizure exceeds the specified monetary threshold; other references requiring Board transmission are withdrawn. The time for sending the preliminary appraisal report in those cases is extended from three days to seven days after completion of the search, and earlier instructions and manual provisions inconsistent with this change are modified.

Modvat credit transitional rule: Board clarifies no declaration required but verification must occur before credit.
Modvat credit for inputs in stock received on or after 1-3-1986 and up to 31-3-1986 does not require a formal declaration under Rule 57G; however, the Assistant Collector must perform the verifications mandated by Rule 57H before allowing the credit, and any contrary demands should be rectified.

Deduction under Section 80C for home loan repayment clarified; officers must verify long term capital gains computations in assessments.
Deduction for repayment of loans for purchase or construction of residential houses/flats is addressed under Section 80C, and an A. D. (M. A. Series) Circular dated 11 February 1987 to authorised dealers in foreign exchange is enclosed. Assessing officers are instructed to check the computations of long term capital gains by such authorised dealers, with attention to paragraphs 5-7 of the circular, and to bring the circular's contents to the notice of all officers handling those assessments.

Drawing and despatch of samples: reiteration of existing instructions requires strict compliance by responsible excise officers.
Officers must strictly follow existing Board instructions on drawing and despatch of samples, including procedures on frequency and quantity to be drawn, packing and disposal; the Directorate of Inspection reported those instructions are adequate and recommended reiteration, following a Departmental recommendation that Central Revenue Control Laboratory guidance be circulated to field formations.

Reassignment of insurance policies permitted: pending estate duty policies to be handed to insurer or reassigned to assured with notice.
Policies taken for payment of estate duty must be bifurcated into those originally taken and those later assigned to the President; original policies are to be handed to the insurer with a permanent record, while those assigned to the President must be reassigned by the Controller to the assured by execution of proper reassignment instruments and notice to the insurer, with consolidated notices permissible and procedural forms available from the insurer's divisional office.

Scope of alcohol exclusion clarified: commercial identity determines whether hydroxyl-containing chemicals fall outside the tariff item exclusion.
The Circular clarifies that the exclusion "alcohol - all sorts" in erstwhile Tariff Item 68 must be read by commercial parlance: organic chemicals merely containing hydroxyl groups (for example pentaerythritol, sorbitol, polyethylene glycol) are not excluded as "alcohol" unless they are commercially known as such. Polyethylene glycol had been classifiable under Item 68 by prior advice, and HSN distinctions further separate ethyl alcohols from other hydroxyl-containing compounds, supporting classification by commercial identity.

Delegation of powers under Rule 57F(1)(ii): withdrawal of earlier circular while prior instructions remain operative.
Circular No. 11/87 (6-2-1987) withdraws the Board's Circular No. 41/86-CX.6 concerning delegation of powers under Rule 57F(1)(ii), while instructions issued under Circular No. 40/86-CX.6 from the same file continue to operate.

Modvat declaration date determines credit entitlement from filing when submitted to range superintendent or assistant collector.
Modvat credit entitlement arises from the date the declaration is filed with either the Range Superintendent or the Assistant Collector; the Range Officer must verify declarations and send them to the Assistant Collector immediately after verification.

Price approval for cigarettes: jurisdictional collectors may demand cost and margin details before approving declared package prices.
Where manufacturers declare a sale price on cigarette packages as required by the Board, the jurisdictional Collector may request cost particulars and margins and decide, on that basis, whether to approve the declared price; approval may therefore be contingent on the Collector's evaluation of the submitted cost and margin information.

Annual stock taking for conditionally exempt small scale units permitted when Assistant Collector approval is obtained.
Annual stock taking is required for licensed small scale units under a conditional exemption and visits or inspections under the Act, Rules or Board instructions are permitted provided prior approval of the Assistant Collector, as contemplated in the Board's telex, is obtained.

Jurisdiction in seizure cases: officer in whose area goods are seized may adjudicate when manufacturer cannot be identified.
Where the actual manufacturer of seized goods cannot be located or identified, the officer within whose territorial area the goods were seized is competent to adjudicate the seizure, the Law Ministry advised and the Board accepted; pending cases may be disposed accordingly.

Personal Deposit Account: seized funds must be deposited only with Board sanction; unauthorised accounts are prohibited.
Money seized during searches and raids must be deposited into a Personal Deposit Account opened only with prior Board sanction; where no such account exists, a formal request must be made to the Board and the account opened only after receiving its approval, because unauthorised current accounts leave transactions outside Government accounts and risk audit criticism.

Returns below taxable limit deemed never furnished; directed not to be acted upon and removed from pendency.
Section 139(10) deems returns showing income below the non-taxable threshold to be never furnished, except where proviso exceptions apply; such returns filed on or after the operative date must not be acted upon, must be publicised as invalid for processing, and must be removed from Monthly Progress Reports and the Income-tax Officer's Control Register (Blue Book).

Revision Application filing requirements: ensure complete documentation, verification, authorised representation and paper book to avoid delays.
Guidelines require that a Revision Application be filed in proper format, duly signed and verified, with grounds, statement of facts, exhibits and one copy of the Treasury Challan; representation must be supported by a Vakalatnama or power of attorney as applicable and indication whether personal hearing is required. A paper book in duplicate containing Order-in-Original, appeal petition, Order-in-Appeal and other previously submitted documents must accompany the application. Specific documentary annexures are mandated for Customs drawback, short-landing and refunds, and for Central Excise transit loss and export under bond/rebate cases; illegible photocopies must be replaced by attested typed copies.

Exemption notification: clearances under exemptions in force during the relevant year are excluded from small scale clearance value calculations.
Explanation II(a) excludes from the aggregate and current-year value of clearances those clearances exempted from whole excise duty by other notifications issued under rule 8(1) that were in force during the relevant preceding financial year; a notification rescinded mid year is still treated as in force for that period and such clearances need not be counted when computing eligibility and exemptible clearance value for small scale manufacturers.

Cash payment of interest must be by account-payee cheque or draft when deposit-related thresholds are met.
Interest payments that meet the statutory monetary threshold must be made by account payee cheque or account payee bank draft because interest credited on a deposit partakes of the character of a deposit; consequently, repayment of deposit together with any interest reaching the threshold is subject to the same non-cash payment requirement.

Physician's sample marking requirement: pack clinical samples distinctly from trade packing and ensure strict compliance.
Clinical samples of P or P medicines must be packed in a form distinctly different from regular trade packing and each smallest unit must be clearly marked "Physician's sample, Not to be sold"; mere superscription on regular trade packing is insufficient and the prior instruction requiring distinct non trade packaging is reiterated for strict compliance.

Deduction of tax at source applies to lottery and race winnings exceeding exemption threshold, with high-rate withholding on gross winnings.
Winnings from lotteries, crossword puzzles and horse races together with any casual and non-recurring receipts are exempt from TDS where their aggregate does not exceed Rs. 5,000 in a year; payments on or after 1-6-1986 that cause the aggregate to exceed that threshold require tax deduction at source at the rate of forty percent on the gross winnings, treating the exemption amount as protected under section 10(3); gross winnings mean the payment received after deduction of commission agent amounts.

Physical verification before issuing subsidiary gate passes to ensure goods match duty-paid documents and package markings.
Proper officers must perform physical verification of duty-paid goods prior to issuance of a subsidiary gate pass, matching the description, marks and numbers on duty-paying documents with the packages to establish correlation and prevent misuse; field formations are to be informed and receipt acknowledged.