MODVAT credit inadmissibility for separator films: duty paid on BOPP films used in lamination disallowed.
BOPP films used as reusable separators between resin-coated papers in the hydraulic press for industrial and decorative laminates do not become part of the final product and therefore are not classifiable as inputs for MODVAT credit; duty paid on such BOPP films is not admissible as credit, and authorities are to finalise pending assessments accordingly.

Name reservation rules: promoters named in the application must be subscribers at registration or fresh name application required.
Registrars must register a company only where the promoters named in the name availability application are the subscribers to the memorandum and articles at registration; applications must be filled and signed by one or more promoters. If a promoter withdraws before registration, a no objection letter is to be produced. Changed subscribers must submit a fresh name availability application. The Registrar may re allow the same name to another applicant only after an intervening period under existing procedure to prevent pre emption of names.

Tax surcharge increases and withholding rule changes expand withholding obligations and targeted sectoral incentives under Finance Act, 1989.
Finance Act, 1989 prescribes revised income tax rates and targeted surcharges, updates withholding tax rates and timing (including special surcharges on tax deducted or collected at source with specified exemptions), and clarifies treatment of capital gains on certain agricultural land. It amends deduction rules to require actual payment for certain liabilities, tightens Investment Deposit Account withdrawal treatment, mandates company profit computation for minimum tax purposes, and adjusts assessment time limits. The Act furnishes sectoral incentives for exchange risk funds, venture capital, housing bank deposits and retiring employee deposits, and enacts procedural changes to withholding, reporting and revision powers.