Exemption from capital gains for reinvestment: debentures of Reliance Ports and Terminals qualify as specified long term assets.
The notification designates debentures to be issued by Reliance Ports and Terminals Limited as long-term specified assets for the purpose of section 54EB, subject to the debentures being transferable or convertible after seven years and the issuance falling within the aggregate cap specified in the notification, thereby qualifying such investments for the capital gains reinvestment exemption.

Double taxation avoidance treaty allocates taxing rights, permanent establishment rules, withholding limits and mutual agreement procedures.
Convention gives domestic effect to an agreement to avoid double taxation and prevent fiscal evasion, applying to residents and specified taxes on income and capital; it defines key terms and allocates taxing rights: immovable property is taxable in situs State; business profits are taxable in the resident State except profits attributable to a permanent establishment in the other State determined on an arm's-length separate enterprise basis; specific rules and limitations apply to dividends, interest, royalties and fees for technical services; capital gains, personal services, pensions, government remuneration, artists, students and teachers receive tailored sourcing and exemption rules; relief is by tax credit, mutual agreement procedure, information exchange and collection assistance; entry into force, confidentiality and termination provisions are included.

Double taxation avoidance: treaty allocates taxing rights and caps source withholding on passive and technical payments.
Treaty between India and Oman provides rules to avoid double taxation and prevent fiscal evasion by defining scope and covered taxes, allocating primary taxing rights (including immovable property, business profits attributable to a permanent establishment, and special regimes for air and sea transport), capping source withholding on dividends, interest, royalties and technical fees where the recipient is beneficial owner, and establishing mutual agreement, exchange-of-information and relief-by-credit mechanisms with confidentiality safeguards.

Tax exemption for notified association: conditional relief subject to proper application of income, permitted investments, and no member distributions.
Notification grants tax exemption to the Haryana Cricket Association, Bhiwani, under clause (23) of section 10 for specified assessment years subject to conditions: income must be applied or accumulated solely for the association's objects in line with section 11 as modified; investments and deposits are limited to permitted modes with restricted holding of voluntary contributions in notified forms; income distribution to members is prohibited except as grants to affiliated bodies; business income is excluded unless incidental and separately accounted.

Approval as housing finance company under section 36(1)(viii) grants tax recognition subject to compliance with Act provisions.
M/s. Vibank Housing Finance Ltd., Bangalore is approved as a housing finance company for the purposes of section 36(1)(viii) of the Income tax Act, 1961, for the stated assessment years, subject to the condition that the company will conform to and comply with the provisions of that section.

Industrially backward district designation preserves tax incentives retroactively, extending eligibility for new industrial undertakings in the listed districts.
Central Government notifies specified districts as industrially backward for purposes of section 80-IA and the Income-tax Rules, based on the Study Group report and district boundaries as recorded in the Census; where a listed district is reorganised after the Census, all areas that comprised the district in the Census continue to qualify. The notification is effective retrospectively from 1 October 1994 to extend tax incentives to new industrial undertakings in the listed districts.

Section 35CCB approval for institution and conservation programme, subject to separate accounts and reporting obligations.
Approval is accorded to M/s. Vikram Sarabhai Centre for Development Interaction as an approved institution and to its conservation programme for the relevant financial year, subject to conditions. The institution must maintain separate donation accounts for conservation activities, submit a progress report for the programme to the prescribed authority, and file annual accounts showing total income and liabilities with the prescribed authority and the concerned tax commissioner by the stated deadlines. The approval is time-limited and may be withdrawn by the prescribed authority, including retrospectively.

Exemption under section 35AC extended for cobalt therapy unit construction, preserving project eligibility for another year.
Central Government re specified the Kota Cancer Society's scheme for construction of a Cobalt Therapy Unit at M.B.S. Hospital Campus as an eligible project under the Explanation to section 35AC for a further one year period in relation to assessment year 1998-99, following the National Committee's recommendation that the project was being executed properly; the notification records the society's address and an estimated project cost.

Specification of bonds under Section 80L clarifies which taxable bank bonds qualify for the provision.
Central Government under clause (ii) of sub section (1) of section 80L specified the 13.5 per cent 10 Year Industrial Reconstruction Bank of India Bonds (Taxable) (22nd Series) by listing series, distinctive serial number ranges and the aggregate issue amount, and identified the issuer as the then Industrial Reconstruction Bank of India (now Industrial Investment Bank of India Limited) for the purposes of that provision.

Deduction under section 35AC: approved institutions and their eligible projects with capped deductible costs and validity.
Notification under the Explanation to section 35AC approves specified institutions and, for each, identifies the eligible project or scheme, states the estimated cost and sets the maximum portion of that estimated cost that may be allowed as a deduction; it covers projects ranging from health and education to housing and sports, and prescribes differing deductible ceilings and prescribed assessment-year validity periods for the approvals.

Tax deduction under section 80G: temples specified as public worship places enabling deductible contributions for specified renovation works.
Central Government specified Sri Vedapureeswarer Temple and Sri Varadarajaperumal Temple, Pondicherry, as places of public worship for tax-deductible contributions under section 80G, exercising the power in clause (b) of sub-section (2); the specification is limited in effect to contributions for repair and renovation works of each temple and is confined to the stated monetary ceilings for those purposes.

Settlement application procedure: formal filing, document certification and private Commission hearings enable structured resolution.
Rules prescribe that settlement applications be presented in Form No.34B to the Secretary or authorised officer and that the Commission forward copies to the Commissioner for initial and, where allowed to proceed, further reports within specified periods. Filings must include six-copy paper books with certified, indexed documents and affidavits supporting facts contrary to records; authorised representatives must file written authorisation. Proceedings are private, the Chairman may constitute Special Benches and direct publication of redacted rulings, and the Commission may proceed if the Commissioner fails to file reports within the prescribed time.

Specification of IDBI bond series under section 80L enables tax deduction recognition for the identified bond categories.
Central Government specified multiple IDBI bond series by distinctive numbers and face values-two Regular Income Bonds series and two Easy Exit Bonds series-issued by the Industrial Development Bank of India, Mumbai, for the purposes of income-tax deduction under section 80L.

Infrastructure facility classification expanded to include mass rapid transit, light rail, expressways and similar public transport facilities.
Notification designates specified transport and roadway projects as public facilities of similar nature to an infrastructure facility under sub clause (i) of clause (ca) of subsection (12) of section 80 IA, listing: mass rapid transit systems; light rail transit systems; expressways; intra urban/peri urban roads including ring roads, urban bypasses and flyovers; bus and truck terminals; and subways.

Obligatory income-tax return filing in specified urban agglomerations expands mandatory compliance within defined metropolitan and municipal areas.
The notification specifies areas in which obligatory filing of income-tax returns under the proviso to sub-section (1) of section 139 is required, listing urban agglomerations and defined metropolitan, municipal, cantonment or development authority areas (including Greater Bombay; Delhi and adjacent notified municipalities and development areas; Madras, Calcutta, Bangalore, Ahmedabad, Kanpur Nagar, Jaipur, Ludhiana, Hyderabad and Secunderabad civil area, Pune, and the Union Territory of Chandigarh), and ties the filing obligation to statutory and notified boundaries under relevant planning, municipal and development Acts.

Exemption under section 35AC extended for a public health and hospital upgrade project, authorising continued eligibility.
Central Government specifies the scheme of Saurashtra Medical Centre as an eligible project under the Explanation to section 35AC for (a) eradication of tuberculosis by treating 24,000 patients in 662 villages of Surendranagar District and (b) upgradation and installation of modern equipment in orthopaedic and eye hospitals, and, on recommendation of the National Committee, extends the specification for a further three assessment years commencing from the assessment year 1998 99.

Exemption under section 35AC: extension of SOS Children's Village scheme specification for further assessment years.
The Central Government specifies the SOS Children's Village of India scheme for administration and maintenance of 27 villages providing free clothing, education, shelter and a family environment to destitute, orphaned and abandoned children as an eligible project or scheme for tax-exemption purposes, extending a prior three-year specification for a further three assessment years following the National Committee's recommendation and satisfaction with the scheme's execution.

Exemption under Section 35AC extended for Anoopam Mission project, renewing eligibility and amending project cost for two assessment years.
The Central Government specified the Anoopam Mission scheme for Yogiji Maharaj Mahavidyalaya and Educational Complex for rural women at Dhari as an eligible project under Section 35AC, extending its eligibility for two further assessment years beginning 1999-2000 following a National Committee recommendation and amending the project's estimated cost and corpus fund.

Amendment to tax deduction notification removes 'trust' from Sanjivani entry, altering the entity description.
The Central Government, under clause (b) of the Explanation to the tax deduction provision and on the National Committee's recommendation, amended the specified notification by omitting the word 'trust' after "Sanjivani" at Serial No. 22, thereby changing the descriptive designation of that notification entry.

Tax exemption project specification under section 35AC extended for one assessment year, reaffirming eligibility of NASEOH.
The Central Government has specified the NASEOH Mumbai project for Development and Printing of Educational Material and related aids as an eligible project for tax incentive purposes for a further one assessment year following a National Committee recommendation that the project is being properly executed, and notes the project's estimated cost.