Exchange Rate Determination sets customs conversion rates for import and export goods under statutory customs authority.
Determination of exchange rates prescribes rupee equivalents for specified foreign currencies to be used in valuation of imported and exported goods, effective from 20th February, 2015, superseding the prior notification. Two schedules govern application: Schedule I sets per unit rates with separate import and export entries for major convertible currencies; Schedule II sets rates per one hundred units where customary. The rates are issued under statutory customs authority and apply prospectively except as to prior completed actions or omissions.

Special Economic Zone expansion authorised for IT/ITES: notified inclusion of additional plot under the Special Economic Zones Act.
The Central Government, invoking the second proviso to subsection (1) of Section 4 of the Special Economic Zones Act, 2005 and rule 8 of the Special Economic Zones Rules, 2006, notifies inclusion of a specified plot at Airoli Knowledge Park-TTC Industrial Area, Thane, proposed by M/s. Gigaplex Estate Private Limited, as part of the sector-specific IT/ITES SEZ, and revises the SEZ's aggregate notified area accordingly by publication of the formal notification.

Corrigendum to income-tax notification correcting specified textual errors to update year reference and rule terminology.
Corrigendum directs substitution of the year reference "2014" with "2015" in the English version and replacement of the phrase "sub-rule " with "rule" in specified places of the English and Hindi versions of the earlier Gazette notification, leaving all other contents unchanged.

Anti-dumping duty on acetone from Korea RP imposed for a five-year period, payable in Indian currency per unit.
Anti-dumping duty is imposed on acetone imported when originating in or exported from Korea RP, including shipments routed through other countries, chargeable per metric ton in a specified foreign currency and payable in Indian currency; the duty is effective for a five-year period unless earlier revoked, with exchange rate for payment determined by the Customs Act notification.

Warehousing station declaration enables establishment of Export Oriented Unit under customs powers, with Development Commissioner approval.
The notification declares Nahuli Village in Umbergaon Taluka, Valsad, Gujarat a warehousing station under customs authority to enable establishment of an Export Oriented Unit, pursuant to powers under the Customs Act and an earlier central notification, contingent on approval by the Development Commissioner of the relevant Special Economic Zone.

De-notification of Special Economic Zone restores site to non-SEZ status after central approval and state no objection.
Rescission of notification for a sector-specific Special Economic Zone at Badshahpur Village following the promoter's proposal and Central Government approval for de-notification, supported by the State Government's no-objection and the Development Commissioner's recommendation; the Central Government rescinds the earlier notification under the first proviso to rule 8 of the Special Economic Zone Rules, subject to preservation of prior acts or omissions.

Special Economic Zone membership change: substitution of a Noida SEZ Authority member under SEZ Act notification.
The Central Government, exercising powers under sub section (1) read with sub section (5) of the Special Economic Zones Act, 2005, amends Notification S.O. 1033(E) by substituting the entry at S. No. 5 to appoint Sh. Amit Mehra, Chairman & Managing Director, M/s. Medico Electrodes International Ltd., as a member of the Noida SEZ Authority.

Research organisation approval under section 35(1) conditions tax exempt donations on strict accounting, audit and utilisation requirements.
Approval is granted to AcSIR as an approved organization under clause (ii) of sub-section (1) of section 35 read with Rules 5C and 5E, permitting receipts for scientific research subject to conditions: sums must be utilised for scientific research; research must be carried out through faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited by a qualified accountant with the audit report furnished to the tax authority by the return due date; and a separate auditor certified statement of donations received and amounts applied for research must accompany the audit report.

Indian Accounting Standards adoption: phased mandatory and irrevocable application for companies meeting listing or net worth thresholds.
Prescribes Ind AS as the accounting framework for specified classes of companies with phased mandatory and voluntary adoption options: voluntary adoption from accounting periods beginning on or after 1 April 2015; phased mandatory adoption thereafter for cohorts determined by listing status and net worth, with comparatives for the preceding period. Net worth is calculated from stand-alone audited financials as of the baseline period; Ind AS apply to both stand-alone and consolidated statements. Voluntary adoption is irrevocable and continued application is required once Ind AS are adopted. Insurance, banking and NBFCs are exempted.

Coastal port designation: Bhogat added as eligible port for coastal trade in crude petroleum under customs notification.
A further amendment to Notification No. 64/94-Customs(N.T.) inserts a proviso appointing Bhogat port as a coastal port for carrying on coastal trade in crude petroleum and adds a new table entry listing Bhogat as an additional port for the State of Gujarat, effectuating its inclusion under the notification's coastal trade regime.

Land customs station addition: Pipraun-Jatahi road authorised under Customs Act powers expanding India-Nepal frontier crossings.
The Central Board of Excise and Customs, under clauses (b) and (c) of section 7 of the Customs Act, 1962, amends the TABLE for the Land Frontier of Nepal by inserting a new entry: "(25) Pipraun, District Madhubani, Bihar" and the road connecting Pipraun (India) and Jatahi (Nepal) as an authorised crossing point.

Deduction for agricultural extension projects: approval granted with audit, beneficiary no charge and reimbursement exclusion conditions.
Approval is granted for Godrej Agrovet Limited's notified agricultural extension project to claim tax deductions for eligible expenditures incurred wholly and exclusively for the project, excluding cost of land or building and excluding any expenditure reimbursed by third parties. Conditions include maintaining separate project accounts, annual audit with auditor's comments on genuineness and compliance, furnishing audited accounts and a Ministry of Agriculture certificate with the income-tax return, prohibition on charging beneficiaries, product neutral training, sharing extension worker database with the District Agricultural Committee, and withdrawal of approval for cessation, lack of genuineness or non compliance.

Agricultural extension project deduction approved subject to strict audit, separate accounts, no beneficiary charges and compliance requirements.
Approval under section 35CCC for the Animal Feed Extension Project allows deduction of expenses wholly and exclusively incurred (excluding land or building) subject to maintenance of separate books of account, an auditor's report confirming genuineness and compliance, and exclusion of reimbursed or reimbursable expenditure. Beneficiaries must not be charged, training must be product-neutral, and the assessee must file audited accounts, a project note with financial allocation, and a Ministry of Agriculture certificate by the return due date. Approval may be withdrawn for cessation, lack of genuineness, or non-compliance.

Tax deduction for agricultural extension projects approved for oil palm training, subject to audit, reporting and no beneficiary charges.
Notification approves Godrej Agrovet Limited's Oil Palm Extension Project as eligible for deduction under Section 35CCC, effective from the notification date through assessment year 2016-17, with no beneficiary charges. The approval conditions require separate project accounts, an auditor's report confirming genuineness and compliance, submission of audited accounts, deduction amount, project notes and Ministry of Agriculture certificate, and provision of beneficiary data. Eligible expenses exclude land or building costs and any reimbursed amounts; deductions claimed here cannot be claimed elsewhere. Approval may be withdrawn if activities cease, are not genuine, or breach conditions.

Customs exemption for urea imports under Urea Off take Agreement limits duty to declared value, subject to government certification.
Exempts Urea imported under the Urea Off take Agreement from customs duty and additional duty to the extent those duties exceed the amount calculated on the declared value agreed under the UOTA, subject to the importer producing before clearance a certificate from an officer not below the rank of Under Secretary in the Department of Fertilizer that the declared value is in terms of the agreed price under the UOTA.

Appointment under Delhi VAT Act: officer designated as Value Added Tax Officer cum Assistant Commissioner to assist the Commissioner.
Exercising powers under clause (a) of sub section (2) of section 66 of the Delhi Value Added Tax Act read with rule 47 of the Delhi Value Added Tax Rules, the Lt. Governor appointed an officer to assist the Commissioner of Value Added Tax. The notification names the officer, records the date of physical joining, and confers the designation of Value Added Tax Officer cum Assistant Commissioner, Value Added Tax, issued by the Finance (Revenue I) Department in the name of the Lt. Governor.

Appointment of Value Added Tax Officers under statutory authority: two officers designated to assist VAT administration.
The Lt. Governor, under the statutory powers of the Delhi Value Added Tax legislation and rules, has appointed two officials as Assistant Value Added Tax Officer to assist the Commissioner of Value Added Tax; the notification records the appointees' names and dates of physical joining and is issued by the Finance (Revenue-I) Department to formalise their administrative roles.

Small company definition tightened so both quantitative limits must be met; financial firms exempted for ordinary securities acquisitions.
The Order narrows the small company definition by requiring satisfaction of both quantitative limits so entities exceeding one limit cannot qualify, and it inserts an explicit exemption allowing banking, insurance and housing finance companies to acquire securities in the ordinary course of business without the general restrictions on securities acquisitions.

Tariff value fixation updates set benchmark import valuation figures for listed commodities and specified precious metals.
The Central Board of Excise & Customs, invoking Section 14(2) of the Customs Act, substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No.36/2001-Customs (N.T.) with updated tariff values in US dollars for specified tariff headings and descriptions, establishing benchmark import valuation figures for listed agricultural commodities, brass scrap, areca nuts, and specified gold and silver entries where notification benefits are availed.

Anti-dumping duty on graphite electrodes from China imposed with producer-specific rates and exchange-rate payment rules.
Imposition of anti-dumping duty on graphite electrodes of all diameters from the People's Republic of China following findings of dumped pricing, material injury and causation; duty rates are specified per metric tonne in US Dollars for named producers and exporters with residual higher rates for other combinations, effective for five years and payable in Indian currency using the exchange rate notified under the Customs Act.