Research institution approval under Section 35(1)(iii) requires separate accounts, annual returns, audited accounts and timely renewal applications.
Ved Vignan Mahavidyapeeth is approved as an institution under clause (iii) of sub-section (1) of section 35, subject to maintaining a separate account for research receipts, furnishing annual returns of scientific research activities in prescribed forms by 31st May, and submitting audited annual accounts and balance-sheet to the prescribed authority by 30th June each year, with copies to the Central Board of Direct Taxes and the concerned Commissioner of Income-tax; approval is effective from 14-4-87 to 31-3-88 and extension applications must be filed three months before expiry.

Income-tax notification under section 10(23C)(iv) confirms Institute for Financial Management and Research's notified status for specified assessment years.
Central Government notifies the Institute for Financial Management and Research, Madras under sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961, designating the institute for the purposes of that sub-clause for the assessment years 1986-87 to 1988-89 by Notification No. S.O.1770 dated 22-3-1988.

Research institute approval under section 35(1)(iii) requires timely accounts, annual returns and audited submissions to authorities.
Approval is granted to the Institute of Communication and Sociological Research under section 35(1)(iii) subject to maintaining separate research accounts, furnishing annual research returns by 31st May, submitting audited annual accounts and balance-sheet to the prescribed authority by 30th June with copies to tax authorities and the Income-tax Commissioner, and applying for extension at least three months before approval expiry.

Specified secured redeemable non convertible bonds carry income tax benefit subject to transferee notice to issuer within sixty days.
Central Government specifies 7 year secured, redeemable, non convertible bonds (B Series) issued by Neyveli Lignite Corporation Limited as eligible under clause (ii) of sub section (1) of section 80L of the Income tax Act, by notification S.O.264(E) dated 16 3 1988; where such bonds are transferred, the transferee may claim the benefit only if the transferee notifies the issuing corporation by registered post within sixty days of the transfer.

Tax-exempt bonds: registration with the issuer required to secure exemption on specified corporate redeemable non-convertible bonds.
The Central Government specifies 10-year secured, redeemable, non-convertible (B Series) bonds issued by Neyveli Lignite Corporation Limited as tax-free under the Income-tax Act, subject to the condition that the holder registers his name and the holding with the issuing corporation to be eligible for the exemption.

Customs amendment adds ELISA kits to life saving drugs exemptions and removes a life saving equipment entry from the schedule.
Amendment to a customs exemption notification exercises authority under sub-section (1) of section 25 of the Customs Act, 1962 to insert Enzyme-linked Immunoabsorbent Assay Kits (ELISA KITS) into the "A. Life Saving drugs or medicines" schedule and to omit Serial No. 50 and its entry from the "B. Life saving equipment" schedule of Notification No. 208/81-Customs.

Tax-free bond specification permits wealth-tax benefit on specified secured non-convertible bonds, subject to transferee notice requirement.
The Central Government designates secured, redeemable, non-convertible tax-free bonds issued by the Indian Railway Finance Corporation Limited as qualifying for the wealth-tax benefit under the Wealth-tax Act; the benefit on transfer by endorsement or delivery is admissible only if the transferee notifies the issuing Corporation by registered post within sixty days of transfer.

Specified bonds under Wealth tax Act require transferee to notify issuer by registered post to claim the benefit.
Specifies two types of secured redeemable non convertible bonds issued by Neyveli Lignite Corporation Limited as instruments within the scope of clause (xvie) of sub section (1) of section 5 of the Wealth tax Act, 1957: a seven year 13% B Series and a ten year 9% (tax free) B Series. The notification conditions the availability of the benefit under that clause on the transferee informing the Corporation by registered post within sixty days of transfer by endorsement or delivery.

Approval under section 35(1)(iii) tax law granted to a research institution subject to reporting and account conditions.
Approval granted to Birla Economic Research Foundation, Calcutta, as an Institution for purposes of the tax provision permitting research deductions, effective 11 11 87 to 31 3 88, subject to conditions: maintain separate accounts for scientific research; furnish annual scientific research returns by 31 May; submit audited accounts, income and expenditure statement and balance-sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes and the concerned Commissioner; apply for extension at least three months before expiry.

Tax exemption recognition under section 10(23C)(iv): Sir Ratan Tata Trust notified as qualifying for the relevant assessment year.
Notification by the Central Government exercising powers under section 10(23C)(iv) of the Income-tax Act recognises Sir Ratan Tata Trust, Bombay for the specified assessment year as qualifying under that sub-clause, thereby registering the Trust for the statutory tax treatment prescribed by the cited provision.

Tariff amendment changes a tariff classification reference and replaces "and" with "or" to alter clause scope.
Amendment under rule 8(1) of the Central Excise Rules, 1944 substitutes the tariff figure in S. No. 9, column (2) of the Table and replaces the conjunction "and" with "or" in S. No. 39, column (5), clause (i) of the annexed notification, thereby altering the tariff reference and the logical scope of that clause.

Excise duty cap limits payable excise on specified tariff goods to a fixed ad valorem amount.
The notification caps excise liability for goods under the specified tariff sub heading by exempting any duty in excess of the amount computed at a prescribed ad valorem rate, thereby limiting payable excise to that ad valorem amount under powers conferred by sub rule (1) of rule 8 of the Central Excise Rules, 1944 and the Schedule to the Central Excise Tariff Act, 1985.

Warehousing station declaration designates Village Kalamboli as a customs warehousing location under statutory customs powers.
The Central Board of Excise and Customs, exercising powers under the Customs Act, 1962, by Notification No. 16/88-Cus. (N.T.) dated 14-3-1988, declares Village Kalamboli in Panvel Taluka, Raigad District, Maharashtra, to be a warehousing station, thereby bringing that locality within the administrative scope of customs warehousing rules and storage regulation.

Warehousing station designation enables export-oriented unit establishment under Customs Act authority for regulatory warehousing and export facilitation.
Designation declares Village Nanunganur in Harur Taluk, Dharmapuri District, Tamil Nadu, to be a warehousing station under the Customs Act to permit establishment and operation of hundred per cent export-oriented units, thereby subjecting the village to the customs warehousing regime and procedures that facilitate export-oriented manufacturing and storage.

Declaration of Warehousing Station designates Village Belpahar as a customs warehousing station under statutory authority.
The Central Board of Excise and Customs, exercising powers under the Customs Act, declares Village Belpahar in Sambalpur District, Orissa, to be a warehousing station by formal notification, thereby designating that location for customs warehousing operations and related administrative controls.

Warehousing station designation enables use of port-like storage to facilitate establishment and operation of export-oriented units.
Declaration designates Vijayawada Town as a warehousing station under customs statutory powers to permit use of the location for establishment and operation of export-oriented units, creating an administrative basis for applying customs warehousing regulations to facilitate export promotion.

Customs amendment adds pasteurised butter, chocolate pastry and coconut cakes to notified exempt goods under customs law.
Central Government amends Notification No. 132-Customs by inserting three entries into its Schedule-pasteurised butter, chocolate pastry and coconut cakes-through Notification No. 102/88-Cus dated 14-3-1988, invoking statutory authority under the Customs Act to expand the scope of the original notification.

Customs notification amendment expands recognized technical officers to include Industrial Advisors for exemption administration.
The Central Government, under subsection (1) of section 25 of the Customs Act, 1962, amends two exemption notifications to insert additional authorized technical officer designations after the phrase "Department of Electronics of the Government of India." Notification 315/83 is amended to add "or an Industrial Advisor in the Directorate General of Technical Development of the Government of India," and Notification 343/86 is amended to add "or an Additional Industrial Advisor in the Directorate General of Technical Development of the Government of India," thereby expanding the recognized list of officials for those notifications.

Tax exemption recognition under section 10(23C)(iv) - Bombay Natural History Society notified for specified assessment years.
Central Government, exercising the power under section 10(23C)(iv) of the Income tax Act, notified the Bombay Natural History Society as covered by that sub clause, formally recognizing the Society for the relevant assessment years and aligning its tax status with the exemption category set out in the provision.

Notification under section 10(23C)(iv) recognises a trust's tax-exempt status for specified assessment years by Central Government.
The Central Government notified Birla Education Trust, Pilani under section 10(23C)(iv) of the Income-tax Act, 1961, recognising the Trust for the purposes of that sub-clause for the assessment years 1985-86 to 1988-89 by formal notification.