Approval as Housing Finance Company permits tax treatment benefits under the Income tax provision, subject to statutory compliance.
Approval granted to Cent Bank Home Finance Ltd., Arera Hills, Bhopal, as a Housing Finance Company for the purposes of the Income-tax Act provision governing tax treatment of housing finance companies, covering the assessment years 1995-96 to 1997-98. The approval is expressly conditional: the company must conform to and comply with the statutory provisions governing the tax treatment of housing finance companies.

Approval as Housing Finance Company under section 36(1)(viii) confers tax recognition subject to statutory compliance.
Approval as a Housing Finance Company under the Income-tax Act provision confers tax recognition for the stated assessment years, subject to the company's conformity with and compliance to the provisions of section 36(1)(viii) of the Income-tax Act. The notification formally records that approval and its conditional nature.

Tax exemption under section 10(23C)(v) granted with conditions limiting investments and business income for specified assessment years.
Notification under section 10(23C)(v) notifies the named society as qualifying for exemption for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; funds (other than certain voluntary contributions maintained as jewellery, furniture etc.) must be invested only in permitted modes; and profits and gains of business are excluded unless incidental and maintained in separate books.

Approval as Housing Finance Company permits tax treatment under section 36(1)(viii) subject to compliance conditions.
Approval is granted to the Housing and Urban Development Corporation Ltd. as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, permitting recognition under that provision for the stated assessment years, subject to the condition that the company shall conform to and comply with the requirements of section 36(1)(viii).

Customs exemption adds life saving drug Immucyst to duty free schedule, expanding import relief for specified medicines.
Under the power conferred by section 25(1) of the Customs Act, the Central Government amended Notification No. 13/95 by inserting a new entry in the Schedule under heading A. Life Saving drugs or medicines (including diagnostic test kits), naming Immucyst as a covered item and thereby including it within the scope of the customs exemption for life saving drugs.

Modvat documentation: invoice under rule 100E evidencing countervailing duty payment accepted for FTZ and EOU home clearances.
The Central Government prescribes the invoice issued under rule 100E, evidencing payment of additional customs duty (countervailing duty), as a document for Modvat purposes under the first proviso to sub rule (2) of rule 57G, specifically in relation to invoices issued by FTZs or 100% EOUs for home clearances.

Warehoused goods removal: Bassein added as a recognised warehouse location for inter warehouse transfers under excise rules.
Amendment adds Bassein (Maharashtra) as item (zzq) in clause (i), paragraph 2 of the Central Excise notification, thereby designating it as a recognised warehouse location for removal of warehoused goods between warehouses under the Central Excise Rules.

Tax-free bonds under section 10(15)(iv)(h) specified; holder registration with issuing railway corporation required for tax benefit.
Central Government specifies tax-free bonds under clause (15)(iv)(h) of section 10 of the Income-tax Act by identifying designated series of railway bonds with distinctive numbers; the tax exemption applies only where the holder registers his name and holding with the issuing corporation, thereby conditioning entitlement on registration compliance.

Tax exemption for Konkan Railway bonds requires holders to register holdings with the issuer to claim tax-free interest.
Central Government specifies tax-exempt Konkan Railway Bonds issued by Konkan Railway Corporation Limited, identifying distinctive series and number ranges; tax exemption on interest is admissible only if the bondholder registers his name and holding with the Corporation.

Tax incentive extension under section 35AC grants further eligibility to construction scheme, extending tax benefit for two assessment years.
The Central Government extended the specification under section 35AC of the Income-tax Act of the construction of educational and training buildings and a hostel at Shardagram by Shri Bharat Saraswati Mandir Sansad, following a National Committee recommendation that the project was properly executed, thereby specifying the project as an eligible project or scheme for a further two assessment years commencing from the assessment year 1997-98.

Extension of eligible project designation under section 35AC-hospital construction retains tax-incentive eligibility after committee recommendation.
The notification specifies the construction of Maharaja Agrasen Hospital at Agroha by Maharaja Agrasen Medical Education & Scientific Research Society, New Delhi, as an eligible project under section 35AC of the Income-tax Act, following the National Committee's recommendation that the project is properly executed, and extends that specification for a further period commencing from a stated assessment year, recording the estimated project cost.

Section 35AC approval enables tax deduction for approved company's school construction project during specified assessment years.
Approval under Section 35AC is conferred on the named company for the construction of a school building at the specified location, specifying the eligible project and the maximum project cost allowable as a deduction; the approval follows the National Committee's recommendation and remains effective for the three stated assessment years.

Deduction under section 35AC: specified charitable projects approved for allowable expenditure deduction over notified assessment years.
Notification designates specified institutions and their named projects as eligible for deduction of expenditure under the relevant income tax provision, listing for each the estimated project cost and the maximum amount of that cost allowable as a deduction, and confines the availability of those deductions to the assessment years expressly indicated for each project, with subsequent footnote substitutions adjusting some cost figures.

Exemption from deposit acceptance restrictions for qualifying small scale industrial units meeting specified capital, depositor and invitation conditions.
The Central Government notifies that section 58A does not apply to companies which are Small Scale Industrial Units provided they meet specified conditions: paid up capital within the small scale threshold, deposits accepted from no more than a limited number of persons, no public invitation for deposits, and aggregate deposits not exceeding a prescribed ceiling; "deposit" and "Small Scale Industrial Unit" are defined by reference to the Companies (Acceptance of Deposits) Rules and relevant State registration and investment limits.

Anti dumping and countervailing procedure: appeal filing, prescribed respondents, and transmission of investigation records to tribunal.
The rules prescribe appeal filing and joinder mechanics and evidentiary transmission: appeals in the prescribed proforma must be presented to the concerned officer in person, by agent, or by registered post; the designated authority, the domestic industry representative whose application led to investigation, and interested persons who submitted representations must be joined as respondents; and the designated authority must transmit the investigation records and procedural papers, including confidential information under the anti dumping or countervailing duty rules, to the Tribunal.

Gratuity limit under section 10(10)(iii) specified to govern tax-exempt gratuity for eligible retirees and terminated employees.
Central Government specifies a capped gratuity amount for the purposes of section 10(10)(iii) of the Income-tax Act, fixing a monetary ceiling to determine the exempt portion of gratuity paid to employees who retire, become incapacitated prior to retirement, die on or after the effective date, or whose employment is terminated on or after that effective date.

Exchange rate determination for export goods sets official currency conversion rates, fixing per-unit and per-100-unit schedules applicability.
The Central Government, under the Customs Act, determines official rates of exchange for conversion between specified foreign currencies and Indian rupees for export goods, superseding the prior December 27, 1995 notification and effective from the first day of February, 1996. Two schedules implement the determination: Schedule I provides rupee equivalents per one unit of listed currencies; Schedule II provides rupee equivalents per one hundred units of listed currencies.

Exchange rate determination prescribed for calculating stamp duty and customs on imported goods, effective from February first.
The Central Government prescribes exchange rates for specified foreign currencies to be used in converting foreign currency into Indian rupees for calculating stamp duty under the Indian Stamp Act and for the purposes of section 14 of the Customs Act insofar as they relate to imported goods; the prescribed rates are set out in Schedule I and Schedule II and are effective from the first day of February, 1996, superseding the earlier notification.

Tax exemption under section 10(23C)(v) notifies Sri Raghavendra Swamy Mutt subject to income application and investment conditions.
Notification under sub-clause (v) of clause (23C) of section 10 notifies Sri Raghavendra Swamy Mutt, Mantralayam, for assessment years 1993-94 to 1995-96 subject to conditions: income must be applied or accumulated wholly and exclusively for the assessee's objects; investments or deposits must be only in forms specified in section 11(5) except voluntary contributions retained as jewellery or furniture; and profits and gains of business are excluded unless incidental to objectives and accounted for in separate books.

Life saving drug exemption: amendment substitutes 5 Fluorouracil as the serial entry under Heading A of customs notification.
The Central Government, exercising the power conferred by section 25(1) of the Customs Act, 1962 and being satisfied it is necessary in the public interest, amends Notification No. 13/95 Customs by substituting the entry against serial number 3 in Heading A of the Schedule with "5 Fluorouracil", thereby including that drug within the life saving drugs and medicines entry of the notification.