Tax exemption under section 10(23C)(iv) granted to a charitable institution subject to application and investment conditions.
Notifies Little Sisters of the Poor, Calcutta under section 10(23C)(iv) for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for the institution's objects; funds may only be invested or deposited in forms permitted for charitable trusts except for voluntary contributions retained in kind; and the notification does not cover business profits unless the business is incidental to objectives and recorded in separate books.

Designation of Revenue Officers as Central Excise Officers appoints laboratory chemical examiners and assistants as Central Excise Officers.
The Central Board of Excise and Customs, under rule 4 of the Central Excise Rules, 1944, appoints specified laboratory personnel as Central Excise Officers for the purposes of rule 56, sub rule 6 of rule 83, rule 85 and rule 197, superseding the earlier notification. Designated posts include the Director of the Central Revenue Control Laboratory, Joint Directors, Chemical Examiners (Grade I and II), Assistant Chemical Examiners and Chemical Assistants at the Central Revenue Control Laboratory, New Delhi, and Customs House Laboratories at Calcutta, Chennai, Mumbai, Okha, Cochin, Kandla and Digboi.

Buy-back regulations: replace 'price' with 'maximum price' and permit shareholder authorization for later board price determination.
The amendment revises the Buy-back Regulations by substituting 'share'/'shareholders'/'share certificates' with 'specified securities'/'security-holders'/'security certificates', replacing ordinance references with the Companies (Amendment) Act, requiring disclosure of a maximum price for buy-backs while allowing shareholder authorisation for the board to fix the specific price later, omitting sub-regulation (6) of Regulation 19, and substituting Schedule I clause iii to permit explanatory statements to seek shareholder authority for the board to adopt a method in Regulation 4(1) at the appropriate time.

Net-worth based exposure limit revised for stock brokers, replacing previous tiered caps with a single multiple of net worth.
The amendment replaces the prior tiered aggregate portfolio limits for stock brokers with a single provision linking allowable portfolio exposure to a fixed multiple of the broker's net worth, and omits the proviso to sub-clause (x); the regulations are named the Securities and Exchange Board of India (Depositories and Participants) (Third Amendment) Regulations, 1999, and commence on publication in the Official Gazette.

Courier clearance requirements revise consignment limits, disposal of uncleared imports, extended presentation time, and authorised courier security options.
Courier clearance requirements are amended by increasing weight and value thresholds for specified consignments, with an export-value exemption where a G.R. waiver or specific Reserve Bank permission exists. Uncleared imports may be detained and disposed of after notice and thirty days, with storage and holding charges payable by the Authorised Courier. Presentation time may be extended for delays beyond the courier's control. Security requirements are revised, and postal security may be provided through a bank guarantee.

Customs exemption expansion: inclusion of high performance polyethylene plate alongside ballistic grade ceramic plate under amended notification.
The Central Government has amended Notification No. 39/96-Customs by substituting, in the Table against the relevant serial number, the words "ballistic grade ceramic plate" with "ballistic grade ceramic plate, high performance polyethylene plate", thereby broadening the description of goods covered by the existing customs exemption under the government's delegated amendment power exercised in the public interest.

Cost Inflation Index notified for tax computation under capital gains rules and amended in the prior index table.
The Cost Inflation Index for the financial year 1999-2000 was specified under clause (v) of the Explanation to section 48 of the Income-tax Act, 1961, having regard to seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees. The earlier notification dated 20 August 1998 was amended by inserting the index figure for 1999-2000 in the prescribed table, with the notified index fixed at 389.

Income tax exemption under section 10(23) granted to sports federation, subject to application, investment and business conditions.
Notification designates the Judo Federation of India as covered by section 10(23) for assessment years 1997-98 to 1999-2000, conditional on applying or accumulating income wholly and exclusively to its objects under the modified section 11 provisions; investing funds only in modes permitted by section 11(5) (with limited exceptions for certain voluntary contributions held in tangible forms); not distributing income to members except as grants to affiliated bodies; and excluding business income unless incidental to objectives with separate books maintained.

Tax exemption under section 10(23) granted with conditions on income application, permitted investments, distributions, and incidental business income.
Designation grants the Ratnagiri Zilla Bridge Association tax exemption under section 10(23) for specified assessment years, conditional on applying or accumulating income exclusively for its objects as modified by clause (23), limiting investments to modes in section 11(5) (with exceptions for certain tangible voluntary contributions), prohibiting distribution of income to members except by grants to affiliated institutions, and excluding business profits unless incidental and maintained in separate books.

Tax exemption under a specified income-tax clause granted subject to conditions limiting investments, distributions and business income.
Notification designates the Federation of Motor Sports Clubs of India, Chennai for a specified income-tax exemption for assessment years 1998-99 to 2000-01 subject to conditions: income must be applied or accumulated exclusively for the federation's objects in accordance with income-application provisions as modified by the exemption; investments or deposits are restricted to prescribed forms; income distribution to members is prohibited except grants to affiliated institutions; and business profits are excluded unless incidental and maintained in separate books.

Tax exemption under section 10(23) granted subject to compliance and investment restrictions for Petroleum Sports Control Board.
Notification under section 10(23) notifies the Petroleum Sports Control Board, New Delhi, as a notified institution for the specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for its objects in line with modified application/accumulation rules; investments and deposits (except certain voluntary contributions held in specified tangible forms) must be in permitted modes; no distribution of income to members except grants to affiliated bodies; and the exemption excludes business profits unless incidental to objectives with separate books maintained.

Anti-dumping duty extension on Iso-butyl Benzene pending review maintains duty continuation under Customs Tariff provisions.
Continuation and extension of anti-dumping duty on Iso-butyl Benzene from China PR is effected by amendment to Notification No. 36/98-Customs, inserted to maintain the duty pending review, under powers conferred by the Customs Tariff Act and the Rules governing identification, assessment and collection of anti-dumping duty.

Renewal of recognition granted to a stock exchange under securities law, valid for a fixed term subject to conditions.
The regulator, satisfied that renewal serves the interest of trade and the public, renews recognition of the exchange for a three year term in respect of contracts in securities, granted under the statutory power and expressly subject to conditions that may be prescribed or imposed subsequently.

EOU DTA sales permission expanded: domestic sales allowed against full duties where NFEP and export performance conditions are met.
EOU/EPZ/EHTP/STP units may sell finished products in the domestic tariff area beyond prior limits against payment of full duties if the goods are freely importable or imported under licence and the units have achieved stipulated NFEP and export performance; supplies to DTA that count toward export performance include certain defence and security force procurements where duty-free import entitlement exists; job-worker exports require Central Excise registration and disallowance of third party routing, with scrap at job worker premises either cleared on duty payment or returned to the supplier.

Tax recognition for a notified charitable institution requires exclusive application of income and limits on investments.
Recognition is granted to Manav Seva Sangh subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; funds must not be invested or deposited except in permitted forms and excluding certain voluntary contributions retained as movable property; and business profits are excluded from the notification unless the business is incidental to objectives and separate books of account are maintained.

Duty bounds on DTA sales: duty limited between excise on like goods and statutory proviso cap.
Notification No.38/99 amends earlier EOUs/EHTP/STP notifications by substituting a broader reference to levy under the Customs Act or any other law and by prescribing that duty on DTA sales shall not be less than the excise on like goods produced outside the notified units and shall not exceed the excise duty chargeable under the relevant statutory proviso.

Excise duty exemption on donated computer systems permits duty-free transfer from export-oriented units to specified public institutions subject to conditions.
Indigenously procured computers and specified peripherals donated after two years by EOUs, STP, EHTP and EPZ units to recognized non-commercial educational institutions, registered charitable hospitals, public libraries, public-funded research and development establishments, or government organisations are exempt from the whole of excise duty, subject to donor certification of donee status and donee undertaking to follow prescribed transport procedures and to refrain from commercial use or disposal without permission for five years.

Tax exemption under section 10(23C)(v) granted subject to exclusive application of income, permitted investments, and separate business accounting.
Notification confers tax exemption under Section 10(23C)(v) on the named trust for assessment years 1996-97 to 1998-99, conditional on applying or accumulating income exclusively to its objects, restricting investments to forms permitted by section 11(5) (with an exception for voluntary contributions retained as jewellery or furniture), and excluding business income unless incidental to objectives and maintained in separate books.

Approval under section 36(1)(viii) confirms Export Import Bank's tax classification, subject to compliance with its provisions.
Approval is granted to M/s Export Import Bank of India, Mumbai as a corporation engaged in providing long term finance for industrial and infrastructure development for the purpose of section 36(1)(viii) of the Income tax Act, 1961 for the specified assessment year, subject to the condition that the company will conform to and comply with the provisions of section 36(1)(viii) of the Income tax Act.

Exemption under section 35AC extended for medical relief centres run by Janata Janardan Health Organisation for a further period.
The Central Government has specified Janata Janardan Health Organisation's scheme of running medical relief and assistance centres at multiple locations as an eligible project for tax exemption under the Income tax Act, extending the period of eligibility following a recommendation by the National Committee and noting satisfactory execution and an estimated project cost.