Slump sale reporting: prescribed accountant's report required with the return to certify net worth and allocation for capital gains.
A mandatory accountant's report for transfers by way of slump sale must be furnished with the return of income in the prescribed Form No. 3CEA; it requires assessee and undertaking identification, purchaser and transaction details, book-value particulars and allocation ratios, and a certified computation of the net worth of the assessee and the transferred undertaking or division. The accountant must certify that necessary information was obtained and that net-worth computation follows the statutory provision; the report must be filed with profit and loss account and balance sheet or audited statements and separate computations where multiple undertakings are transferred.

Tax exemption under section 10(23) limited by conditions on income application, permitted investments, and distribution restrictions.
Notification grants tax-exempt status under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for the institution's objects in conformity with the modified application and accumulation rules; funds must be invested only in permitted forms or modes; income must not be distributed to members except as grants to affiliated associations or institutions; and business income is excluded unless incidental to objectives and maintained in separate books.

Tax exemption under clause (23) granted to a society, conditional on income application, permitted investments, and separate books for incidental business.
Notification grants tax-exempt status to the Jawaharlal Nehru Hockey Tournament Society under clause (23) of section 10 for specified assessment years, conditioned on exclusive application or permitted accumulation of income per section 11, restriction of investments to permitted modes, prohibition on distribution of income to members except by grants to affiliated bodies, and exclusion of business profits unless incidental to the society's objects with separate books of account.

Section 10(23) notification grants tax-exempt status subject to exclusive application of income, investment and business accounting conditions.
Notification designates Brihanmumbai Kreeda Ani Lalitkala Pratisthan, Mumbai as eligible for tax exemption under clause (23) of section 10 for specified assessment years, conditional on exclusive application or permissible accumulation of income to its objects, investment or deposit of funds only in permitted modes, prohibition on distribution of income to members except grants to affiliated bodies, and exclusion of business profits unless the business is incidental and accounted for in separate books.

Tax exemption under section 10(23) for a society subject to specified application, investment, distribution and business-accounting conditions.
Notification designates the Jewaharlal Nehru Hockey Tournament Society, New Delhi, as eligible under section 10(23), subject to conditions: income must be applied or accumulated exclusively for its objects under the relevant provisions; investments are restricted to statutory modes except specified tangible forms for voluntary contributions; income may not be distributed to members except as grants to affiliated institutions; and profits and gains of business are excluded unless incidental to objectives with separate books maintained.

Retrenchment compensation limit set as the exemption ceiling for workman payments received at the time of retrenchment under applicable laws.
The Central Government specifies a ceiling of five lakhs rupees as the maximum amount of retrenchment compensation exempt for a workman under Section 10(10B) of the Income-tax Act, applicable to amounts received under the Industrial Disputes Act, other statutes, standing orders, awards, contracts of service or otherwise at the time of retrenchment on or after the stated commencement date.

Applicants under section 245N specified: public sector companies and persons seeking advance rulings on non resident tax liabilities.
Specification under section 245N identifies two classes of eligible applicants for Chapter XIX-B: a public sector company as defined in the Act; and a person seeking an advance ruling on the tax liability of a non resident arising from a transaction undertaken or proposed with a non resident. The notification comes into force upon publication in the Official Gazette.

Applicant eligibility under Chapter XIX-B: public sector companies and advance-ruling seekers for non-resident transaction tax liability.
Specification of classes of applicants for Chapter XIX-B: a public sector company qualifies as an applicant; and a person seeking an advance ruling on the tax liability of a non-resident arising from a transaction undertaken or proposed by that person with another non-resident also qualifies. The notification operates from its publication in the Official Gazette.

Tax exemption notification conditions charitable status on exclusive application of income and restricted investment modes.
Pirojsha Godrej Foundation, Mumbai, is notified as eligible under the tax provision for charitable institutions for specified assessment years provided it applies or accumulates income exclusively to its objects; restricts investments or deposits of funds (other than certain retained voluntary contributions) to legally permitted modes; and excludes business profits unless the business is incidental to its objects with separate books maintained.

Tax deduction certification under section 80HHF: accountant report prescribed for software export deduction, detailing turnover and foreign exchange compliance.
The rules prescribe Form No. 10CCAI as the mandatory accountant's report required for claiming the deduction for income from export or transfer of software and software rights; the form requires identification of the assessee, certification that the business is not prohibited by law, computation of the deduction based on consideration received in convertible foreign exchange, an annexure detailing export turnover, profits and repatriation particulars, and signature by an authorised accountant.

Approval authority for hotels under section 80-IB designates DG income tax exemptions and DG Tourism and sets location and room limit conditions.
Substitutes rule 18BBC to designate prescribed authorities for approval of hotels under sub section (7) of section 80 IB: the Director General (Income tax Exemptions) with concurrence of the Directorate General of Tourism for clause (a) areas, and the Directorate General of Tourism for clause (b) places. Approval requires location in a specified area, that aggregate high category room numbers within the revenue sub division do not exceed the prescribed cap, and, where applicable, Central Government specification of places needing tourism infrastructure on recommendation of the Department of Tourism.

Tax exemption notification for welfare board confirmed subject to conditions on application, investments and business income.
Notification designates West Bengal Labour Welfare Board, Calcutta, as qualifying under clause (23C)(v) of section 10 for the assessment years specified, subject to conditions: (i) income must be applied or accumulated wholly and exclusively to its objects; (ii) funds (other than certain voluntary contributions held in tangible forms) must not be invested or deposited except in modes specified in section 11(5); and (iii) the notification does not cover business income unless the business is incidental and separate books are maintained.

Tax exemption notification for charitable trust restricts income application, prescribes investment modes and business accounting conditions.
Notification designates Shri Anandpur Trust as eligible under section 10(23C)(iv) for assessment years 1999 2000 to 2001 2002, conditional on applying or accumulating income wholly and exclusively for its objects; restricting investments or deposits to legally specified modes (except voluntary contributions maintained as jewellery, furniture, etc.); and excluding business income unless the business is incidental to the objectives with separate books maintained.

Charitable exemption under section 10(23C)(v) subject to application of income, investment limits and business income conditions.
Notification under section 10(23C)(v) notifies Calcutta Zoroastrian Community's Religious and Charity Funds as qualifying for the sub-clause subject to conditions: apply income wholly and exclusively to its objects; restrict investments or deposits to the statutory permissible forms except voluntary contributions held as jewellery, furniture, etc.; and exclude business income unless incidental to objectives with separate books maintained.

Industrially backward districts designation under section 80-IB lists eligible districts and governs tax incentive eligibility.
Notification designates specified districts as industrially backward in Category A and Category B for the purposes of section 80-IB, superseding an earlier notification. The list is based on district boundaries as recorded in the census used by the study group; where a listed district was reorganised after that census, the areas comprising the district as it existed in the census will continue to qualify. The notification applies from the previous year relevant to the assessment year commencing on the first day of April and subsequent assessment years.

Industrially backward districts designation establishes Category A and B for section 80-IB applicability from specified assessment year.
The Central Government, under sub-section (5) of section 80-IB and rule 11EA, designates specified districts as industrially backward and classifies them into Category A and Category B by superseding the earlier notification; the designation follows the Study Group report and the 1991 census, and where a district has been reorganised after that census, all areas that comprised the district as it existed in the 1991 census qualify; the notification applies from the previous year relevant to the assessment year commencing on the first day of April, 2000 and subsequent assessment years.

Exemption under section 35AC extended: specified charitable oncology project remains eligible for three further assessment years.
Central Government specified that AWARE Hospitals-Institute of Oncology and Cancer Treatment and Research Project at Hyderabad is an eligible project or scheme for income tax exemption under the power invoked in relation to section 35AC. Following the National Committee's recommendation that the project was being executed properly, the Government extended the specification for a further three assessment years commencing with the assessment year 1999 2000, thereby prolonging the period during which qualifying contributions or expenditures attract the statutory exemption.

Specification of place of public worship under section 80G enables donation deductions for specified repair works subject to limits.
Central Government specifies Thuravoor Mahakshethram, Thuravoor, Kerala as a place of public worship of renown for the purposes of section 80G, making donations for eligible charitable purposes within the scope of that provision. The specification is confined to repair and renovation works at the temple, subject to a monetary ceiling, and the notification ceases to be effective after the stated cut off date.

Approval under Section 36(1)(viii): company qualifies subject to annual audited accounts, deduction statement and reserve conditions.
Approval is accorded to Anagram Housing Finance Ltd. for the purposes of Section 36(1)(viii) of the Income tax Act, 1961 for assessment years 1996-97 to 1998-99. The approval is conditional on the company's main object being long term housing finance, annual submission of audited profit and loss account and balance sheet with the statement of deduction before the return filing due date, creation and maintenance of the required special reserve, and fulfillment of all other conditions of Section 36(1)(viii).

Tax approval for housing finance companies granted subject to housing finance object, annual audited filings and reserve maintenance.
Central Government approval of BOB Housing Finance Limited for purposes of section 36(1)(viii) is subject to the company's principal object being long term housing finance; annual submission of audited profit and loss account, balance-sheet and statement of deduction before the return's due date; creation and maintenance of the prescribed special reserve; and fulfilment of all other statutory conditions for the deduction.