Tax exemption for institution income conditioned on exclusive application, accumulation limits, permitted investments and compliance filing.
Notification exempts from assessable income any income received on behalf of Sri Sri Jagatguru Shankaracharya Mahasamsthanam Dakshinamnaya, Sri Sharada Peetham, Sirngeri for assessment years 2005-2006 to 2007-2008, subject to conditions: application or limited accumulation of income for institutional objects, investment only in prescribed modes, business income only if incidental with separate accounts, regular filing of returns, and transfer of surplus on dissolution to a like-minded organization; applies only to recipients of income on behalf of the Institution.

Intermediate supply benefits for suppliers under advance authorisation and related instruments now recognised under the trade policy.
The notification amends the Foreign Trade Policy to allow suppliers of intermediate goods to be issued Advance Authorisation/DFRC/DFIA when supplies are made against such pre-export authorisations, and to entitle suppliers to the Policy benefits where supplies are made against an Advance Release Order or a back-to-back letter of credit issued under Advance Authorisation/DFIA, subject to applicability of the listed benefits.

Tariff valuation: revised import unit values set for specified edible oils and brass scrap for customs valuation purposes.
The Board, under sub section (2) of Section 14 of the Customs Act, 1962, amends Notification No.36/2001 Cus (N.T.) by substituting a revised Table that fixes unit tariff values (US$ per metric tonne) for specified imported goods, listing edible oil categories and brass scrap with their corresponding tariff value entries for customs valuation purposes.

Anti-dumping duty continuation on Metronidazole: import duty set as difference between reference price and landed value.
Anti-dumping duty is continued on Metronidazole from the People's Republic of China and is imposed equal to the difference between a specified reference price and the landed value per kilogram. The duty applies to imports under the listed tariff item irrespective of producer or exporter; calculation uses the assessable value under the Customs Act excluding certain duties and the rate of exchange notified by the Ministry of Finance, and the duty is payable in Indian currency.

Customs amendment updates UV resin description in exemption list, altering item wording under Customs Act authority.
The Central Government, invoking the power under section 25(1) of the Customs Act, substitutes in the Annexure, List 5, item (10) of Notification No. 21/2002 Customs the description "UV resin-142/Ribbon matrix" with "UV resin 1 & 2/ Ribbon matrix," effected by Notification No. 60/2006 Customs dated 15th June 2006 as a further amendment to the principal notification.

No ex-parte orders during summer break; department will refrain except in time barred cases.
No ex-parte orders shall be passed during the declared summer break; the office order revises the prior instruction to make the break effective from 05.06.2006 to 30.06.2006. Except for time barring cases, the department will not pass ex parte orders due to non-appearance of counsels or advocates during the summer break.

Public holiday declared for commemoration of Guru Arjun Devji's martyrdom, applying to government offices and public undertakings.
The notification formally designates 16 June 2006 as a Public Holiday across all government offices, local and autonomous bodies, and public sector undertakings under the territorial government by administrative order, specifying the occasion as the commemoration of Guru Arjun Devji's 400th year of martyrdom and applying the declaration uniformly to the identified categories of public institutions.

Duty free credit scrip permitted for excise payment; enables use of export scrip for domestic input procurement under FTP.
Utilization of duty free credit scrip for payment of excise duty is permitted for procurement from domestic sources of inputs that are permitted for import under the Served From India Scheme, in terms of notifications issued by the Department of Revenue.

EPCG restrictions on vehicle imports: tourism-sector eligibility tightened with earnings, duty saved limits and registration requirements.
The notification restricts EPCG imports of motor cars and SUVs to specified tourism-sector entities meeting a minimum total foreign exchange earnings threshold over the current and preceding three licensing years, prohibits import of vehicle parts under the scheme, caps the duty saved amount on vehicle authorisations at fifty percent of the average foreign exchange earnings in the preceding three licensing years, and requires vehicles to be registered for tourist use with registration certificates submitted to the Licensing Authority.

Customs tariff amendment inserts petrol and high-speed diesel entries, applying a specified concessional customs rate to them.
The Central Government amends Notification No. 21/2002-Customs by inserting Table entries 488A and 488B identifying Motor spirit (petrol) and High Speed Diesel (HSD), each recorded with the customs rate shown in the Table's rate column; the amendment references the principal notification and a recent prior amendment.

Duty exemption for Served from India certificates allows import of capital and professional equipment subject to actual user and certification conditions.
Exemption allows duty-free clearance, against a Served from India Scheme Certificate issued by the Regional Authority, of capital goods (including spares), office and professional equipment, office furniture and consumables for hotels, stand-alone restaurants and other service providers, subject to non-transferability, sufficient certificate balance, actual user conditions for manufacturing-related capital goods with endorsement and undertaking on non-compliance, and submission of installation/use certification within six months or extended period.

Withdrawal of tax exemption under section 35AC: project-specific deduction revoked and related certificate excluded from tax computation.
Withdrawal of exemption under section 35AC is effected for the Bhartiya Jeevan Dhara Educational and Charitable Trust's hospital project at Deoria, following the National Committee's recommendation after an Income-tax Department enquiry. The notification omits the serial entry identifying the project and directs that the certificate furnished under the statutory certification requirement shall not be taken into account in computing income-tax, thereby removing the project-specific eligibility for the exemption.

Withdrawal of tax exemption for a specified charitable project after inquiry, removing its certificate from tax computation.
The Central Government withdraws the earlier notification insofar as it relates to the specified project by Bhartiya Jeevan Dhara Educational and Charitable Trust for construction and running of the hospital and Maha Vidyalaya at Deoria, omits the serial entry in the notification, and directs that the certificate furnished under clause (a) of sub section (2) shall not be taken into consideration while calculating income tax.

Approval under Section 35(1)(ii) requires separate research accounts, audited I&E filing, and an auditor's certificate for research funding.
Approval is granted to the Centre for Research in Mental Retardation (CREMERE) as an institution under Section 35(1)(ii) for the period 1-4-2003 to 31-3-2006, subject to maintenance of separate accounts for research; filing the audited Income & Expenditure account for each approved year with the Commissioner/Director of Income Tax by the return filing due date or within 90 days of the notification; and furnishing an auditor's certificate specifying amounts received for scientific research eligible for donor deduction and certifying that the expenditure was for scientific research.

Research deduction approval under Section 35(1)(ii) requires separate research accounts, audited returns and auditor certification.
Approval for M/s M.S. Chellamuthu Trust and Research Foundation under Section 35(1)(ii) as an institution partly engaged in research is subject to maintaining separate accounts for research, submitting audited Income & Expenditure accounts for research activities to the jurisdictional tax authority by the return due date or within ninety days of the notification (whichever is later), and furnishing an auditor's certificate specifying amounts received for scientific research eligible for donor deduction and certifying that the expenditure was for scientific research.

Import conditions for generator sets now require compliance with air emission and noise standards under Environment Protection Rules.
Import of generator sets is now conditioned by addition of Condition 20 to Chapter 1A, requiring that imported generator sets conform to air emission and noise standards prescribed under the Environment Protection Rules, 1986, as notified, and incorporated by amendment to Schedule I of the ITC (HS) Classification of Export and Import Items.

EDI Shipments entitlement expanded to cover all exports routed through Customs EDI enabled ports under FTP amendment.
Entitlement under the scheme shall be granted to all shipments that are exported through Customs EDI enabled ports; this is inserted as paragraph 3.9.6 in the annual supplement of the Foreign Trade Policy, 2004-2009.

Appointment of special adjudicator authorises Commissioner of Customs (Port), Kolkata to adjudicate specified show-cause notice matters.
The Central Board of Excise and Customs appoints the Commissioner of Customs (Port), Customs House, Kolkata and authorises him, subject to statutory limits, to exercise the powers and discharge the duties of another port Commissioner for the purpose of adjudicating matters arising from a specified show-cause notice issued in relation to certain exporters.

Export entitlement under Target Plus Scheme requires minimum 20% incremental growth and grants 5% entitlement.
Entitlement under the Target Plus Scheme is contingent on a minimum 20% incremental growth in FOB value of exports in the current licensing year over the previous licensing year, and the entitlement rate is 5% of that incremental growth; the prior table of entitlements is deleted and the amendment applies from the commencement of the stated licensing year.

Asset Reconstruction Companies investment restrictions: FIIs barred from ARC equity and subject to capped holdings in security receipts.
Amendments define Asset Reconstruction Company as an entity registered under the SARFAESI Act and prohibit Foreign Institutional Investors from investing in the paid up equity capital of ARCs; they permit registered FIIs to purchase Security Receipts issued by ARCs on a repatriation basis and impose allocation requirements between equity and debt investments, require registration of wholly debt funds with the market regulator for exclusive debt investment, and set per FII and aggregate holding caps for Security Receipts in each tranche.