Approval under research deduction provision: institute granted approved status, subject to separate accounts, annual returns, audits, and renewal application.
Approval is granted to the People's Institute for Development and Training, New Delhi as an approved institution under section 35(1)(ii) of the Income-tax Act, 1961 on conditions: maintain separate accounts for research receipts; furnish annual returns of scientific research activities by 30 April; submit audited annual accounts and balance-sheet to the prescribed authority and Commissioner by 30 June; and apply to the Central Board of Direct Taxes for extension three months before approval expiry.

Research exemption approval imposes separate research accounts, annual returns, audited accounts and timely renewal application obligations.
Organon Research Centre, Calcutta, is approved as an Association under clause (ii) of sub section (1) of section 35 subject to conditions: maintain a separate account for scientific research receipts; furnish annual research activity returns by 30 April; submit audited annual accounts and balance sheet to the prescribed authority by 30 June with copies to the Income tax Commissioner; and apply to the Central Board of Direct Taxes at least three months before approval expiry for extension, failing which applications may be rejected.

Research institution approval requires separate research accounts, annual returns, audited accounts and restricted use of funds for research.
Approval is granted to Birla Archaeological and Cultural Research Institute, Hyderabad, as an institution under section 35(1)(ii), subject to maintaining a separate account for research funds, furnishing annual returns of research activities by 30 April, submitting audited accounts and balance-sheet to the prescribed authority and the commissioner by 30 June, and restricting receipt and use of funds solely to research activities, excluding non-research purposes such as planetarium and educational or training activities.

Research institution approval under section 35(1)(ii) enables tax benefit subject to accounting, reporting and renewal compliance.
K. E. M. Hospital Research Centre, Pune, is approved under clause (ii) of sub section (1) of section 35 of the Income tax Act as an association engaged in scientific research, subject to maintaining separate research accounts, furnishing annual research returns to the prescribed authority by 30 April, submitting audited annual accounts and balance sheet to the prescribed authority and Commissioner by 30 June, and applying for renewal of approval to the Central Board of Direct Taxes at least three months before expiry.

Income tax Appellate Tribunal members' retirement fixed at sixty years, effective on birthday not on the month's last date.
Rule 11 of the Income tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 is amended to state that retirement occurs on attaining sixty years and not on the last date of that month as for other government servants, effective on publication in the Official Gazette.

Exchange rate schedule prescribes foreign currency conversion for stamp duty and customs valuation effective from 1 January 1987.
Prescribes an exchange rate schedule for conversion between specified foreign currencies and Indian currency to be used for calculating stamp duty under the Indian Stamp Act, 1899 and for determinations under section 14 of the Customs Act, 1962, effective 1 January 1987, and superseding earlier notifications; includes a Schedule listing each foreign currency and the amount of that currency equivalent to Rs.100 for conversion purposes.

Customs duty exemption revised to cover only amounts above an ad valorem threshold; expiration extended for a further period.
The notification amends an earlier customs exemption so that relief applies only to the portion of customs duty specified in the First Schedule that exceeds a 25 per cent ad valorem threshold, and it extends the notification's expiry by substituting the original terminal date with a later date, continuing the modified exemption for wireless apparatus, accessories and components.

Delegation of investigation and adjudication powers: Collector granted authority to act nationwide for assigned cases.
The Central Board, relying on statutory authority and applicable rules, invests the Collector of Central Excise, Madras, with the powers of a Collector of Central Excise to investigate and adjudicate, throughout the territory, but only in respect of cases assigned to him by the Board; the grant confers equivalent investigatory and adjudicatory powers subject to assignment-based limitation.

Approval under section 35(1)(ii) conditions research tax eligibility on separate accounts, annual returns, and audited filings.
Approval under section 35(1)(ii) makes Breach Candy Medical Research Centre an approved research institution subject to conditions: it must maintain a separate account for research receipts, submit annual returns of research activities to the prescribed authority by the specified deadline, file audited annual accounts and balance sheet with the prescribed authority and copy the tax commissioner, and apply in advance for renewal of approval to avoid rejection.

Amendment of Customs Exemptions shifts commencement date for three notifications to 1st April 1987.
The Central Government directs amendment of three miscellaneous customs exemption notifications by substituting "1st day of January, 1987" with "1st day of April, 1987" in paragraph 2 of each listed notification, thereby deferring their commencement.

Extension of exemption period for light commercial motor vehicles under Central Excise notification; expiry date amended to a later date.
Amendment substitutes the expiry date in Notification No. 463/86-Central Excises relating to exemptions for light commercial motor vehicles: the Central Government, under the Central Excise Rules, replaced the previously specified terminal date in paragraph 2 with a later terminal date, thereby extending the notified exemption period without changing its substantive scope.

Charitable Institution Notification: Rashtrotthana Parishat recognised under section 10(23C)(iv) for specified assessment years by Central Government.
Central Government notifies Rashtrotthana Parishat, Bangalore under sub clause (iv) of clause (23C) of section 10 of the Income tax Act, 1961 by Notification No. 0471 dated 26 12 1986, recognizing the institution for the assessment years 1985 86 to 1987 88 and citing file number 197A/158/82 IT (A I).

Notification under section 10(23C)(iv) recognizes Skills for Progress Bangalore as a notified institution for specified assessment years.
The Central Government notifies section 10(23C)(iv) status for Skills for Progress, Bangalore, designating it as a notified institution for the purposes of that exemption clause for assessment years 1985-86 to 1987-88.

Notification of tax-exempt status under section 10(23C)(iv) confirms Jallianwala Bagh Trust's charitable recognition for specified assessment years.
The Central Government notifies Jallianwala Bagh National Memorial Trust, Amritsar as entitled to tax-exempt status under section 10(23C)(iv), formally recognizing the trust for the purposes of that provision and specifying the temporal scope of recognition by reference to particular assessment years.

Tax notification under section 10(23C)(iv) designates Bengal Social Service League as exempt for specified assessment years.
The Central Government, exercising powers under clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961, notifies Bengal Social Service League, Calcutta for the purpose of that clause for the assessment years specified in Notification No. S.O.372 dated 24-12-1986, thereby designating the institution as covered by the said provision for the stated assessment-year period.

Tax exemption recognition under 10(23C)(v) of Income tax Act notified for Khemisatiji Mandir Trust for specified assessment years.
The Central Government, exercising powers under clause (v) of sub section (23C) of section 10 of the Income tax Act, notifies Khemisatiji Mandir Trust, Jhunjhunu, for the purpose of that clause, recognising the trust under the provision for the stated assessment years and recording the notification instrument and file reference.

Removal of domestic-manufacture certification requirement alters customs exemption for imported software in object code by government notification
The notification deletes the clause requiring a senior Department of Electronics officer to certify that software in object code (Chapters 49, 84 or 85) is not manufactured in India and to recommend the grant of the customs exemption, thereby removing the domestic-manufacture certification as a precondition to the specified exemption under the Customs Act.

Customs amendment updates exemption schedule by adding two notification entries under statutory authority to clarify coverage of exemptions.
The Central Government, exercising powers under sub-section (1) of section 25 of the Customs Act, 1962 read with sub-section (4) of section 49 of the Finance Act, 1986, amends notification No. 312/86 Customs by inserting after Sl. No. 282 two new Schedule entries: No. 283 citing Notification No. 506/86 Customs and No. 284 citing Notification No. 507/86 Customs, both dated 24 12 1986.

Customs exemption for computer equipment requires certification and a bond to secure export obligations at import.
The Central Government exempts computer equipments under Heading No. 84.71 from customs duty in excess of a capped ad valorem rate and from the additional duty under Section 3, subject to conditions. The importer must produce a certificate from a Joint Director in the Department of Electronics confirming EXIM Bank arrangement and must execute a bond with the Chief Controller of Imports and Exports to meet export obligations under the 1986 software export policy, with an undertaking to pay the duty shortfall if obligations are not fulfilled.

Customs exemption for computer equipment allows duty relief and waiver of additional duty subject to departmental certification.
Exempts imports of computer equipment under Heading No. 84.71 from customs duty in excess of the Schedule's ad valorem rate and from the additional duty under the Customs Tariff Act, conditional upon certification and recommendation by a Department of Electronics officer of not lower than Joint Director that the imports are under the government's computer software export and development policy.