Tax approval under section 36(1)(viii) confirms long term finance corporations qualify for tax treatment, subject to statutory compliance.
Approval is granted to M/s Risk Capital and Technology Finance Corporation Ltd., New Delhi, as a corporation engaged in providing long term finance for industrial and infrastructure development for the purposes of section 36(1)(viii) of the Income tax Act, 1961, for the relevant assessment year, subject to the condition that the company will conform to and comply with the provisions of that section.

Long-term specified securities: Reliance Patalganga issues shares and debentures with a three-year lock-in; early disposal taxed.
Notification under section 54EA specifies certain shares and debentures of Reliance Patalganga Power Ltd as long-term specified securities to be issued within one year, subject to maximum amounts, and not transferable (or convertible) for three years from allotment. Investment must be made out of net consideration from transfer of a long-term capital asset. If the assessee disposes of or converts the allotted securities into money within three years, the initial investment becomes chargeable to tax under the head "Capital Gains" in accordance with the section.

Long-term specified securities under Section 54EA: reinvestment qualifies for capital gains relief, subject to a three-year holding rule.
The Central Board of Direct Taxes specifies certain equity and debentures as long-term specified securities under Section 54EA, authorising their issue within a one-year window and identifying them as qualifying instruments for reinvestment of net consideration from transfer of a long-term capital asset. If an assessee transfers or converts the allotted specified securities into money within three years of allotment, the initial investment shall be chargeable to tax under the head Capital Gains as per the section.

Electronic records maintenance permitted with prescribed printout and binding conditions; authority may prohibit for recorded reasons.
Rule 226A permits electronic maintenance or generation of prescribed records, returns, invoices and documents in computer-readable format subject to three mandatory conditions: monthly printouts of each record and document; retention of printouts and invoice copies in bound folders; and each page bearing a running serial number and the name and address of the person. The Assistant Commissioner or Deputy Commissioner may, for reasons recorded in writing, prohibit electronic maintenance or generation under this procedure.

Restricted import regime for areca (betel) nut now requires licence or specific public notice for importation.
Amendment designates whole and split/ground areca (betel) nut tariff entries as Restricted, permitting import of these consumer goods only against a licence or in accordance with a Public Notice, and deletes a separate areca nut tariff line.

Income-tax exemption under section 10(23G) approved for infrastructure enterprises, subject to audit, books and compliance conditions.
Approval is granted to specified enterprises for the Income-tax Act exemption applicable to infrastructure activities for assessment years 1999-2002, conditional on conformity with the statutory exemption provisions and implementing rules. The approval is revocable if an approved enterprise ceases infrastructure operations, fails to maintain books and obtain an auditor's audit under the implementing rule, or fails to furnish the required audit report; listed approved undertakings include specified power projects and a cellular mobile service.

Tax deduction under clause (ii) of section 80L: specified ICICI debenture series from Safety Bonds March 1999 qualify.
Central Government specifies that bonds in the nature of debentures issued by Industrial Credit and Investment Corporation of India Limited, Mumbai, in the public issue "Safety Bonds-March, 1999" are designated for the purposes of clause (ii) of sub section (1) of section 80L of the Income tax Act, 1961, identifying each series by name, face value, distinctive numbers and amounts raised.

Section 80L specified bonds: tax-benefit recognition for ICICI Safety Bonds, debentures recognized under clause (ii) by government
The Central Government specifies bonds issued by Industrial Credit and Investment Corporation of India Limited in its public issue of Safety Bonds as eligible under clause (ii) of section 80L of the Income-tax Act. The notification lists bond categories, their face values and distinctive serial number ranges, and records the aggregate amounts raised for each category to delineate the specified bonds recognized under the statutory provision.

Specification of bonds under section 80L confirms certain ICICI Safety Bonds qualify for the clause's tax treatment.
Central Government specifies bonds in the nature of debentures issued in the public issue Safety Bonds December, 1998 by Industrial Credit and Investment Corporation of India Limited, Mumbai, as covered under clause (ii) of sub section (1) of the income tax provision; the notification identifies the series (Encash Bond, Tax Saving Bond I-IV, Regular Income Bond I-III), each with a stated face value and specified distinctive number ranges, and states the amount raised for each series.

Specified debenture bonds under section 80L recognised for tax purposes following the ICICI Safety Bonds public issue.
Central Government, under clause (ii) of sub-section (1) of section 80L of the Income tax Act, specifies bonds in the nature of debentures issued by Industrial Credit and Investment Corporation of India Limited in the Safety Bonds-October, 1998 public issue. The notification names each bond series (Encash Bond; Tax Saving Bond I-IV; Regular Income Bond I-III), records a uniform face value per bond, and sets out the distinctive serial number ranges and amounts raised for each series for the purpose of that clause.

Specification of bonds under section 80L: Safety Bonds August 1998 debentures designated for the statute's tax treatment.
The Central Government specifies, under clause (ii) of section 80L of the Income tax Act, the debenture bonds issued by the Industrial Credit and Investment Corporation of India Limited in its Safety Bonds August, 1998 public issue. The notification lists named bond categories, each with a face value of five thousand rupees, and records the distinctive serial number ranges and aggregate amounts raised for each series, thereby identifying those specific debentures for the statutory tax treatment.

Specification under section 80L: bonds in nature of debentures specified for tax provision applicability from ICICI public issue.
The Central Government, under clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961, specifies bonds in the nature of debentures issued in the Safety Bonds-July, 1998 public issue by Industrial Credit and Investment Corporation of India Limited for the purposes of that clause, listing each bond series by name, uniform face value, distinctive serial number ranges and aggregate amounts raised.

Specified bonds under section 80L designated for tax purposes; lists ICICI Safety Bonds and their issue particulars.
Central Government, under clause (ii) of sub section (1) of section 80L of the Income tax Act, specifies certain bonds issued by Industrial Credit and Investment Corporation of India Limited in the public issue "Safety Bonds-April, 1998" as bonds in the nature of debentures, listing Regular Income Bond I, Regular Income Bond II, Regular Income Bond III, Tax Saving Bond 1 and Tax Saving Bond 2 with face value Rs. 5,000 and their distinctive numbers and amounts raised.

Income Tax Appellate Tribunal Members rules amended to set member pay scale at Rs.22,400-600-26,000 effective 1 January 1996.
Amendment substitutes item no. 4 in rule 9 of the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 to prescribe a pay scale of Rs. 22,400-600-26,000 per month and is deemed to have come into force on 1 January 1996 pursuant to implementation of the Fifth Central Pay Commission recommendations.

Investment in specified securities under section 54EB triggers capital gains charge if converted or transferred within seven years.
Notification authorises M/s Bharati Telenet Limited to issue specified equity shares and debentures or bonds within one year for investment of net consideration from transfer of long term capital assets, and provides that if the allotted securities are transferred or converted into money within seven years of allotment the initial investment shall be chargeable to tax as Capital Gain under the section.

Reinvestment in specified securities preserves capital gain exemption unless securities are transferred within a three year lock in period.
The Central Board of Direct Taxes specifies certain equity shares and debentures or bonds issued by M/s Bharati Telenet Limited as eligible for reinvestment of net consideration from transfer of a long term capital asset under section 54EA, where the instruments must be issued within one year of the notification and investments must be made from the net consideration; if the allotted securities are transferred or converted within three years of allotment, the initial investment becomes chargeable to tax as Capital Gain.

Deduction under section 35AC increased for a specified charitable development body and notification extended for two years.
Amendment by Notification No. 11139 dated 26-11-1999 substitutes a higher specified maximum cost amount for Shree Sardhav Gram Vikas Mandal in the Table to notification S.O. 180(E) (10 March 1987) under Section 35AC, issued on the National Committee's recommendation; the amended notification is extended to remain in force for two years beginning with assessment year 2000-2001.

Amendment to income-tax notification increases permitted running expenses and revises project cost, extending the notification period.
Amendment increases permitted running expenses to Rs. 6.00 lakhs per annum and substitutes the project estimate for Indian Medical Centre, Madras (Chennai), from Rs. 150.78 lakhs to Rs. 162.78 lakhs, amending the Table at serial number 14 of the earlier notification and extending that notification for two years beginning with assessment year 2000-2001.

Exemption under section 35AC extended for school construction project, renewing eligible project status for a further three-year period.
The Central Government specifies the construction of Mahakavi Bharathiyar School Building Complex at Kasuva Village by Sevalaya as an eligible project or scheme for tax relief under section 35AC for a further three-year period beginning with assessment year 2001-2002, following the National Committee's recommendation that the project is properly executed and extends beyond the initial specified term.

Exemption from excise duty for cooperative and bought-leaf tea factories subject to undertakings, reporting and duty liability on breach.
Exempts tea under sub-heading 0902.00 from excise duty where cleared by cooperative or bought-leaf factories, contingent on filing undertakings with the Assistant/Deputy Commissioner that supplier holdings do not exceed ten hectares (and for bought-leaf factories that at least two-thirds of green leaf is from such growers), submission of prescribed statements of accounts as proof of compliance, and liability to pay duty for any period where the undertaking is not satisfied; effective from 10th December, 1999 and later rescinded.