Income tax notification for educational trust mandates exclusive application of income and restricted permitted investments.
Notification grants tax recognition to Bharatiya Vidya Bhavan, Bombay under sub clause (iv) of clause (23C) of section 10 for specified assessment years, conditioned that income be applied or accumulated exclusively for the institution's objects; investments or deposits of funds are limited to modes specified in section 11(5) (excluding ordinary funds except permitted tangible forms for voluntary contributions); and business income is excluded unless incidental to the objects and accounted for in separate books.

Section 80L benefit for specified HMT bonds requires transferee to notify the company by registered post within sixty days.
The Central Government specifies the 7 year 13 per cent taxable secured redeemable non convertible ('A' Series) bonds issued by HMT Limited, Bangalore, as qualifying under section 80L, and conditions the admissibility of the benefit on the transferee informing the issuer by registered post within sixty days of transfer.

Finalisation of contract: importer must file post-import statement and supporting proof within prescribed period to finalise imports.
Finalisation of contract requires the importer, within three months from clearance for home consumption of the last consignment or such extended period as allowed by the proper officer, to submit a statement detailing the goods imported together with documents proving their value and quantity and any other documents required by the proper officer for finalisation of the contract.

Tax exemption recognition under section 10(23C)(iv) granted subject to exclusive application of funds and restricted investments.
Notification under section 10(23C)(iv) recognises Sanjay Gandhi Memorial Trust for specified assessment years subject to conditions: the trust must apply or accumulate income wholly and exclusively to its objects; invest or deposit funds only in permitted forms except voluntary in-kind contributions; and the notification excludes business profits unless the business is incidental to the trust's objectives with separate books maintained.

Charitable institution recognition permits tax exemption if income is applied exclusively, investments limited, and business incidental.
Notification recognizes The NAB Lions Home for Aging Blind, Bombay under section 10(23C)(iv) for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments and deposits are restricted to permitted modes (with an exception for voluntary contributions retained as jewellery or furniture); and the notification does not cover business income unless the business is incidental to the objectives and separate books of account are maintained.

Specified bonds under section 80L carry tax benefit on transfer subject to a post-transfer notice requirement.
The Central Government specifies 7-year secured redeemable non-convertible bonds issued by the Tourism Finance Corporation of India Limited as qualifying for the tax concession under the Income-tax Act, and provides that the tax benefit on transfer of such bonds is admissible only if the transferee informs the Corporation by registered post within sixty days of the transfer.

Customs exemption scope expanded to include spares and consumables for office equipment used in gem and jewellery imports.
The Central Government amended the tariff notification to add the words "and spares and consumables thereof" immediately after "Office equipments" in the Annexure entry at serial No. 11, clarifying that spare parts and consumable items for office equipment used in the gem and jewellery sector are included within the customs exemption.

Customs exemption scope expanded to include spares and consumables for office equipments under gem and jewellery notification.
Notification No. 15/92-Cus. dated 3-1-1992 amends Notification No. 3-Customs/88 by inserting the words "and spares and consumables thereof" after "Office equipments" in the Annexure entry corresponding to serial No. 11, thereby expanding that entry to expressly include spares and consumables for office equipments.

Customs exemption for gem and jewellery imports modified to permit office equipment spares and consumables under licence conditions.
The amendment expands the exemption entry covering office equipment to permit import of spares and consumables for the gem and jewellery sector, conditional on permissibility under the Open General Licence and subject to the extent and restrictions allowed by the approving authority.

Customs exemption amendment expands office equipment coverage to include spares and consumables under open general licence conditions.
The Central Government amends Notification No. 260/87 Customs by adding, after the words "Office equipments" in serial No. 11 of the Annexure, the words "and spares and consumables thereof," subject to permissibility under the Open General Licence Order issued under section 3 of the Imports and Exports (Control) Act, 1947, and to the extent allowed by the Board of Approval.

Customs exemption expansion for gem and jewellery imports to include spares and consumables under OGL and Board approval.
Amendment expands the Annexure entry for "Office equipments" to add spares and consumables, permitting their import for the gem and jewellery sector only as allowed under the relevant Open General Licence and to the extent authorised by the Board of Approval, made under the powers of section 25(1) of the Customs Act, 1962.

Exemption for office equipment spares and consumables added to customs notification, subject to import licence terms and Board approval.
Amendment adds permissibility for spares and consumables of office equipments to the serial No. 11 entry of Notification No. 256/87-Cus, limited to items allowable under the Open General Licence regime issued under the Imports and Exports control framework and to the extent permitted by the Board of Approval, thereby making importability contingent on licence conditions and Board authorisation.

Customs exemption amendment extends relief to spares and consumables for office equipment under OGLO conditions and Board approval.
Amendment inserts the phrase "and spares and consumables thereof" after "Office equipments" in serial No. 11 of the Annexure to Notification No. 196/87-Customs, making such imports permissible only under the Open General Licence Order No. 20/90-93 (as amended) issued under the Imports and Exports (Control) Act, 1947, and to the extent allowed by the Board of Approval.

Appointment of Collector of Customs: case-specific delegation authorises centralized adjudication of a specified import dispute.
The Central Government appoints the Collector of Customs and Central Excise, Bhubaneswar to exercise the powers of the Collector of Customs for the jurisdictions of Bombay and Calcutta solely to adjudicate import transactions by M/s. Orissa Industries Ltd., Lathikata, Rourkela, as a case-specific delegation of adjudicatory authority under the Customs Act.

Jurisdictional allocation of Central Excise collectors redefined, reallocating district responsibilities among specified collector posts.
The amendment substitutes items in rule 2 of the Central Excise Rules, 1944 to reallocate territorial jurisdiction to specified Collectors of Central Excise: Jamshedpur is designated for a list of districts and Madhupur Sub Division of Deoghar, with Patna covering the remaining parts of Deoghar; other substituted sub clauses enumerate collectors for additional jurisdictions including Bhubaneswar, Bolpur, Calcutta I, Calcutta II, Shillong, and specified collectors for another provision including Allahabad, Kanpur and Meerut.

Supply/transfer permission between export units: Assistant Collector may allow transfers subject to conditions and Board approval.
The amendment inserts condition (8A) allowing the Assistant Collector of Customs to permit supply or transfer of goods manufactured by a Hundred Percent Export Oriented Unit to another Hundred Percent Export Oriented Unit or to a Unit in the Free Trade Zone/Export Processing Zone, subject to conditions prescribed by the Assistant Collector and requisite permission from the Board of Approval for Hundred Percent Export Oriented Undertakings.

Adjustment of individual values permitted where import quantities cannot meet specified CIF due to exchange rate or price escalation.
The substituted proviso allows the Collector of Customs to permit adjustment of individual values where quantity for a particular description cannot be imported within the specified CIF value due to exchange rate fluctuation or escalation in prices, provided such adjustments remain within the total value specified in the advance licence certificate.

Constitution of National Committee for Promotion of Social and Economic Welfare; members appointed for three-year term to administer income-tax incentives.
Constitution of the National Committee for Promotion of Social and Economic Welfare by notification under the income-tax framework, prescribing a membership of multidisciplinary experts and official representatives appointed for a three-year tenure to oversee activities qualifying for specified tax incentives.

Tariff amendment expands Soya milk classification to expressly include sweetened and flavoured variants under excise notification.
Amendment substitutes the Table entry in Notification No. 103/90-C.E., replacing "Soya milk" with "Soya milk including sweetened or flavoured soya milk" under powers conferred by section 5A of the Central Excises and Salt Act, 1944, thereby broadening the product description for the specified goods of Chapter 22 in the notification's Annexure.

Exemption scope narrowed: cement exemption amended to exclude white portland cement meeting IS specification, altering tariff relief.
Amendment narrows a Central Excise notification by substituting for the words "exempts cement" the words "exempts cement other than white portland cement conforming to IS : Specification No. 8042 : 1989 and", thereby excluding white portland cement meeting that IS specification from the exemption.