Valuation uniformity: assessable value must include notional profit, job work cost construction, and credit term interest inclusions.
Administrative valuation rules require inclusion of previous year gross profit as notional profit for captive consumption; job work outputs valued under Rule 7 by comparable market value or cost construction using landed raw material cost plus job charges (excluding consignor's selling profit); interest elements within the general credit period and amounts in excess of normal bank interest are includible in assessable value; effective sales tax rates (excluding input set off) are deductible; discounts such as warranties, campaign, regional, special or year end bonuses not known at removal are not deductible, while uniform prompt payment discounts are deductible.

Section 43B actual payment rule: sales tax converted into government permitted loans qualifies for deduction in year conversion permitted.
For deferred sales tax schemes, Government Orders that deem deferred collections as collected and disbursed are treated as effecting discharge of the statutory liability for the purposes of section 43B, so sales tax liabilities converted into loans may be allowed as a deduction in the previous year in which such conversion is permitted; conversely, interest converted into loans is deductible only when actually paid and, if merged with principal, the interest component must be determined proportionately.

Unjust enrichment: adjudicators must examine consumer benefit before confirming demands or allowing refunds.
Unjust enrichment must be assessed during adjudication: refunds only after claims are admissible on merits and within time and after the question of unjust enrichment is decided; adjudicators must examine whether the benefit was passed to consumers, and the issue should be raised in the show cause notice.

Bulk share transfer procedure permits a covering transfer deed to register multiple transfers with annexed certificate details.
Companies may accept a single covering transfer deed signed by the transferee enclosing individual transfer deeds executed by transferors; the covering deed must include an Annexure of distinctive and certificate numbers. Enclosed individual transfer deeds need not be signed by the transferee and may bear a stamped name and address. Required stamp duty may be affixed on the covering deed or paid as prescribed by the Government.

SSI exemption: endorsement of each product not required for registered small scale units; exemption covers all items manufactured.
Clarification that SSI exemption applies to all products manufactured by a unit once the unit is registered as a small scale industry; separate endorsement of each product on the registration certificate is not required to claim the exemption, and this guidance supersedes previous instructions.

Sufficient cause for delay: disturbed conditions in Kashmir permit condonation of late section 184 registrations and renewals.
The Board determines that the disturbed conditions in the Kashmir Valley constitute sufficient cause to justify condonation of delays in filing belated applications and declarations under section 184(4) and section 184(7); assessing officers are directed to admit and condone such filings for assessees who reside in or have their principal place of business in the Valley and are assessed or assessable there, irrespective of where returns were filed.

Tax exemption for relief bonds: interest exempt and wealth and gift tax concessions affirmed for notified Relief Bonds.
Interest on 9% Relief Bonds, 1987 is exempt from income-tax for individuals and Hindu undivided families where the Central Government notifies such bonds; the 17-11-1987 notification renders the Bonds specified for exemption under income-tax, wealth-tax and gift-tax laws, with wealth-tax exemption conditioned on ownership from subscription or for at least six months ending with the valuation date and gift-tax exemption for initial subscribers subject to the prescribed aggregate ceiling.

Depreciation rate revision: revised rates apply to newly acquired assets and set transitional options for existing assets.
Revised rates of depreciation apply prospectively to assets acquired on or after the notification and to accounts closed on or after that date. For existing assets, W.D.V. users must apply revised W.D.V. rates to the written down value as at the end of the previous financial year. Straight Line Method users may either recompute the remaining period using revised rates and amortise the unamortised value, continue with old SLM rates for existing assets, or apply the revised SLM rates to original cost from the year of change.

Construction classification for allotment of flats by cooperative societies where schemes mirror DDA applies to sections 54 and 54F.
If the terms of the allotment and construction schemes of a cooperative society or other institution are similar to the scheme features identified in prior guidance regarding the Self Financing Scheme of the Delhi Development Authority, such allotments may be treated as cases of construction for application of the capital gains reinvestment provisions.

Modvat credit on specially denatured ethyl alcohol limited to ethyl alcohol content; denaturant excluded only.
Modvat credit for inputs of specially denatured ethyl alcohol is confined to the ethyl alcohol component; the denaturant portion is excluded from credit. The Board concluded that, because the Notification refers to ethyl alcohol, the input credit facility should be limited to the ethyl alcohol content only.

Modvat credit certificates: consignment agent-issued documents not equivalent to stockyard-issued certificates, therefore Modvat credit not allowed.
Certificates issued by stockyards of Integrated Steel Plants, signed in full by the authorised stockyard officer with name and designation, alone qualify as Board-prescribed documents for claiming Modvat credit; certificates issued by consignment agents are not equivalent and Modvat credit must not be allowed on their strength.

Concessional duty eligibility for sodium carboxymethyl cellulose affirmed as CMC under notification, directing reassessment and compliance by suppliers.
The Board accepted technical advice that sodium carboxy methyl cellulose is the common, commercial form of carboxy methyl cellulose and therefore falls within the scope of the concessional duty notification for CMC; pending assessments for supplies to the specified oil companies are to be finalised accordingly and field formations and trade informed.

Packaging marking requirements for cigarette packets clarified: approvals must follow excise marking rules; month/year marking left to enforcing department.
Approvals for cigarette packet wrappers and wholesale coverings will be granted in enforcement of existing Central Excise marking obligations: individual retail packets must display factory name and address, licence/registration number and trade brand, while wholesale packages must show batch/lot identification (if any), an annually starting running serial number, the number and quantity of retail packages, and kind and quality of goods. The Standards of Weights and Measures requirement to show month and year of manufacture is acknowledged but its form (printed or otherwise) and practical implementation are left for the enforcing department to determine.

Separate accounting for DEEC duty-free inputs required; record in Form IV and not permitted for job work.
Duty-free inputs received under the DEEC Scheme must be accounted for separately in the raw material register in Form IV titled "REGISTER FOR RAW MATERIALS RECEIVED UNDER DEEC SCHEME", while duty-paid inputs for claiming Modvat credit remain in RG 23A Pt. I; DEEC goods accounted in this manner are not permitted for job work.

Tariff classification of bus duct systems clarified to require uniform treatment under the electrical equipment tariff heading.
The Board concludes that isolated-phase and industrial bus duct systems-aluminium conductor bars in a metal duct with insulators and accessories like arrestors, surge suppressors and potential transformers, serving as connection apparatus in power-generation and distribution installations-are classifiable as electrical machinery and apparatus, and orders uniform tariff classification under the relevant electrical equipment heading to ensure consistent treatment across collectorates.

Delegation of enforcement powers to SEBI enables filing of company-law offences and requires coordination to avoid duplicate action.
Authorisation permits a SEBI officer to file complaints under specified provisions of the Companies Act, 1956, with SEBI requested to supply complaint details to the concerned Registrars of Companies and the Department. Registrars must avoid duplication of enforcement where SEBI acts concurrently, and SEBI is to forward compounding applications under the compounding provision to the concerned Registrar for appropriate action under law.

Recovery of tax demand: AOs must pursue dues promptly; stays permitted only for valid, limited reasons.
Assessing Officers and TROs are primarily responsible for prompt recovery of tax demands except where demands are not due, stayed by a court/tribunal/settlement commission, proposed for write-off, or stayed under prescribed guidelines. Stay petitions must be decided quickly and only for valid reasons, limited to disputed amounts; AOs must issue speaking orders using the statutory expression treating the assessee as not in default subject to conditions. AOs may impose security, lump-sum or instalment payments (to conclude within eighteen months), undertakings to cooperate, review rights, and refund adjustments, and must monitor compliance and withdraw stay if breached.

Use of power in manufacture: footwear made without power from parts made with power remains eligible for exemption.
If a manufacturer assembles or manufactures footwear without using power, prior use of power in producing the purchased parts does not constitute use of power in the manufacture of the footwear; footwear made from such parts remains eligible for exemption under the notification provided no power is used by the final manufacturer or his job workers.

Investment compliance for charitable trusts: exemption requires disinvestment from prohibited modes by the extended deadline.
Allowance of exemption for charitable trusts requires verification that investments held in prohibited modes were disinvested by the extended cut off; failure to have converted such investments by that deadline warrants withdrawal of previously granted exemptions through appropriate assessment remedial mechanisms.

Assignment of managing directors' tax cases to assessing officers with jurisdiction over the company clarified and restricted.
Only the cases of managing, working and whole time directors of companies are to be assigned to the Assessing Officer having jurisdiction over the case of the company; directors and senior executives generally are excluded from that special assignment.