Orderly storage of excisable goods required, breach attracts penalty and facilitates Central Excise verification by authorities.
The amendment omits specified rules and a section, substitutes wording to replace "credit of duty or money" with "credit of duty", deletes certain cross references, and replaces rule 223 with a provision requiring excisable goods in registered premises or public warehouses to be stored in an orderly manner to facilitate counting and verification against entry books or warehouse registers; breach attracts a monetary penalty. A serial entry for a Central Excise form is also removed from Appendix I.

Tax exemption for Durand Football Tournament Society under section 10(23) subject to income application and investment restrictions.
Notification grants tax exemption under clause (23) of section 10 to Durand Football Tournament Society for assessment years 1994-95 to 1996-97, conditional on applying or accumulating income per section 11(2) and (3) as modified; restricting investments to forms in section 11(5) except notified in-kind voluntary contributions; prohibiting distribution of income to members except grants to affiliated bodies; and excluding business income unless incidental and maintained in separate books.

Approval under section 10(23C)(vi): tax exemption for an educational institution granted for specified assessment years, subject to compliance.
Approval was granted to The Daly College, Indore, under the Income-tax provision for charitable educational institutions, authorising tax-exempt status for the assessment years 1999-2000 through 2001-2002, subject to the college's conformity with and compliance to the requirements of the stated provision and the accompanying rule.

Tax exemption recognition for a football society limits fund application, investment modes, income distribution, and business scope.
Notification recognizes the Durand Football Tournament Society as eligible for exemption under clause (23) of section 10 for specified years subject to conditions: income must be applied or accumulated for the society's objects in accordance with the modified provisions of section 11; investments of funds (except certain voluntary contributions held in notified tangible forms) are restricted to modes in sub-section (5) of section 11; income distribution to members is prohibited except as grants to affiliated entities; business income is excluded unless incidental and kept in separate books.

Approval under section 10(23C)(vi) recognises an educational institution's tax-exempt status, subject to compliance for specified years.
Approval is granted to the Daly College, Indore under sub-clause (vi) of clause (23C) of section 10, read with rule 2CA of the Income-tax Rules, for the assessment years 1999-2000, 2000-2001 and 2001-2002, subject to the college conforming to and complying with the provisions of that sub-clause and rule.

Construction of hostel accommodation added as specified activity under Rule 11K, extending rule coverage to women, handicapped, elderly.
The Income-tax (Seventh Amendment) Rules, 1999 amend the Income-tax Rules, 1962 by inserting item (n) into clause (i) of rule 11K, Part II Sub-part F, specifically adding construction of hostel accommodation for women, handicapped individuals, or persons aged sixty-five years or more to the list of specified activities in that rule.

Anti-dumping duty on acrylic fibre imports from Mexico imposed as the difference from assessed landed value.
Anti-dumping duty is imposed on acrylic fibre (tow and tops) of 1.5-8.0 denier originating in or exported from Mexico, equal to the difference between a reference amount per kg and the landed value per kg as assessed under the Customs Act; the measure is effected under section 9A(2) of the Customs Tariff Act and rules 13 and 20, and remains in force up to and including 13 November 1999, with 'landed value' excluding certain customs duties.

Section 80L specified bonds: 16% unsecured redeemable Punjab National Bank bonds recognised as qualifying securities.
Central Government, under section 80L of the Income tax Act, specifies Series II 16% taxable unsecured redeemable bonds issued by Punjab National Bank, identified by distinctive numbers 199927-389908 and Rs. 10,000 denomination, aggregating to the stated issuance amount, as those falling within clause (ii) of sub section (1) for the purposes of the section.

Mega Power Project exemption: goods for qualifying large thermal or hydel plants allowed duty-free subject to certification.
Amendment inserts a new Customs tariff entry granting a duty exemption for goods imported for setting up specified Mega Power Projects, applicable to inter-state thermal projects of 1500 MW or more and inter-state hydel projects of 500 MW or more, certified by an officer not below Joint Secretary in the Ministry of Power, and conditioned on state regulatory, privatization and recourse-to-Central-Plan requirements; it prescribes certification requirements for CPSU and private project imports and appends List 33 of eligible projects.

Safeguard duty designation: Mexico notified as developing country under customs tariff framework, amending prior notification.
The Central Government amends an earlier customs notification to insert Mexico into the list of countries treated as a developing country for purposes of safeguard duties, exercising the power conferred by clause (a) of subsection (6) of section 8B of the customs tariff statute and adding a new serial entry into the notification schedule.

Section 80L specification of NHPC taxable secured redeemable bonds designates particular tranches as eligible for the provision.
Specification under section 80L designates particular series of taxable secured redeemable non-convertible bonds issued by National Hydroelectric Power Corporation Limited as falling within the clause for tax recognition. The notification identifies three K-Series tranches by tenure, interest terms, security, and distinctive serial-number ranges, and confines tax recognition to the bonds expressly enumerated.

Specified bonds under section 80L: taxable unsecured redeemable bonds designated eligible, with issuance identifiers provided.
Central Government specifies the 16% taxable unsecured redeemable bonds (Series II) as being covered for the purposes of section 80L of the Income tax Act, 1961 under clause (ii) of sub section (1), identifying the distinctive number range and aggregate nominal amount of the issuance to establish the bonds' eligibility under the provision.

Import licensing for mulberry raw silk limited to designated ports with certification or testing and mandatory customs reporting.
Imports of Mulberry Raw Silk under Exim Code 500200 00 are permitted only through the ports of Calcutta, Chennai, and Mumbai; customs shall accept certificates from internationally recognised agencies for grade verification or, absent a certificate, draw samples and have the Central Silk Board test consignments per International Silk Association procedures; customs must send weekly reports to the Ministry of Textiles on quantity and value of such imports.

Rate of interest on warehoused goods fixed under Customs Act, with higher rates applying as warehousing duration increases.
Fixes tiered interest rates on duty payable at clearance of warehoused goods under the Customs Act, applying the statutory provisions for warehoused goods so that interest increases with warehousing duration: one rate for six to nine months, a higher rate for nine to twelve months, and a further higher rate for storage beyond twelve months.

Section 10(23C) tax notification grants exemption to People's Action for Development subject to application and investment conditions.
Notification under section 10(23C)(iv) notifies People's Action for Development, Mumbai as eligible for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; funds (except certain voluntary contributions) may be invested only in modes specified in section 11(5); and the notification excludes profits and gains of business unless the business is incidental to the objectives and separate books are maintained.

Tariff amendment: Cast brass bars/rods exclusion clarified, specific size and use-based exceptions specified in substituted clause.
The notifications substitute the Annexure clause to define covered brass and copper tariff categories while excluding specific items: cast brass bars/rods of length not exceeding three feet; cast brass bars/rods not exceeding ten feet when used in the factory of production for making certain wires; copper flats below a stated weight used to make copper strips; brass billets up to a stated weight; and excluding copper strips produced from those limited-weight flats, while retaining coverage for certain copper products and copper circles.

Specification under section 80L: NHPC K Series secured redeemable bonds recognised for tax purposes across multiple tranches.
The Central Government specifies, under section 80L, three K Series secured, redeemable, non convertible bond issues of National Hydroelectric Power Corporation Limited, Haryana: Tranche I (5 years, 18% taxable), Tranche II (5 years, 17.5% taxable) and Tranche III (7 years, 17.5% taxable). Each bond is of one thousand rupees denomination; the notification records distinctive number ranges and aggregate issue amounts for each tranche and confines the action to identification of series, tenure, interest, security, redemption status, denomination and aggregate values for section 80L purposes.

Tax exemption under section 35AC: Government extends eligible status of a charitable hospital project following Committee recommendation.
The Central Government specified the land development, construction, equipment, furnishing and running of a charitable heart hospital in Rajkot as an eligible project for exemption under section 35AC, originally for three assessment years beginning 1997-98; following a National Committee recommendation the Government extended the project's eligible status for a further three assessment years commencing 2000-2001, noting the project's estimated cost and corpus fund.

Tax exemption under section 35AC extended for polio hospital project, specified for a further three-year period.
The Central Government specified the project of equipping and running a polio hospital in Ahmedabad by Polio Foundation (Shah Chimanlal Choottalal Lokhandwala Charitable Trust Hospital for the Handicapped) as an eligible project under the income-tax exemption regime for a further three assessment years commencing with the 2000-2001 assessment year, following a National Committee recommendation and an amendment to the estimated project cost.

Exemption under section 35AC extended for a specified charitable school and hostel construction project for three assessment years.
Exemption under section 35AC is specified for the Construction of Dev Sangha National School and Hostel Building at Bompass Town, Deoghar, carried out by Dev Sangha Seva Pratishthan; the National Committee recommended, and the Central Government has specified, an extension of eligibility for a further three assessment years commencing with the assessment year 2000 2001.