Tax approval under section 35(1)(ii) made time bound with annual reporting, audited accounts and renewal application requirements.
Perpetual tax approval granted to the International College of Surgeons, Bombay is converted into a time-bound approval valid until 31 March 1988 and made conditional on maintaining a separate account for scientific research receipts, furnishing annual returns of research activities by 31 May, submitting audited accounts and balance-sheet to the prescribed authority and tax authorities by 30 June, and applying for extension at least three months before expiry.

Warehousing station designation enables Village Tallarevu to host export-oriented undertakings under Customs Act authority via notification.
Declaration under the Customs Act designates Village Tallarevu as a warehousing station by notification of the Central Board of Excise and Customs, enabling the infrastructure and regulatory status required to set up export-oriented undertakings and to warehouse goods in support of export activity under customs authority.

Tax-free bond specification: REC bonds eligible for exemption under section 10(15)(iv)(h) subject to holder registration.
Notification designates the 10-year 9% Tax-free Secured Redeemable REC Bonds (15th Series), 1997, as eligible for exemption under clause (15)(iv)(h) of section 10 of the Income-tax Act, 1961, provided that the holder registers his name and holding with the issuing corporation.

Designation of specified bonds under section 80L permits tax benefit if transferee notifies issuer within sixty days.
Central Government specifies the 7-year IPCL 13% Secured Redeemable Non-Convertible Bonds issued by Indian Petrochemicals Corporation Limited as qualifying for clause (ii) of sub section (1) of section 80L, subject to the condition that benefit on transfer by endorsement or delivery is admissible only if the transferee informs the Corporation by registered post within sixty days of transfer.

Warehousing station designation permits establishment of export-oriented units under statutory Customs Act provisions for manufacturing and export activities.
Declaration designates Village Sedarapet as a warehousing station under the Customs Act to facilitate establishment and operation of export-oriented units by providing the necessary customs warehousing classification for storage and movement of goods intended for export.

Warehousing station designation enables establishment of export-oriented units under powers conferred by section 9 of the Customs Act.
Declaration under section 9 of the Customs Act designates Village Abishekapakkam as a warehousing station to facilitate establishment and operation of export-oriented units, enabling warehousing activities and goods handling in support of export promotion within the declared area.

Tax exemption for specified secured bonds requires transferee to notify issuer within sixty days to retain benefit.
The Central Government specifies the 10 Year 9% (Tax free) Secured Redeemable REC Bonds (15th Series), 1997 as eligible for the wealth tax benefit under clause (xvie) of sub section (1) of section 5 of the Wealth tax Act, 1957. The tax benefit on transfer by endorsement or delivery is subject to the condition that the transferee informs the issuing corporation by registered post within sixty days of such transfer.

Specified bonds recognition under wealth-tax rules requires transferee to give timely registered notice to issuer for benefit.
Specification under the Wealth tax Act recognizes the 7-Year-IPCL 13% Secured Redeemable Non-Convertible Bonds as qualifying instruments; recognition is subject to a transferee notice obligation that makes the benefit under the specified clause admissible on transfer by endorsement or delivery only if the transferee informs the issuing Corporation by registered post within sixty days of transfer.

Additional duty exemption limited: certain forms of sugar excluded from notification, altering tariff relief applicability.
Amendment to Notification No. 77/86-C.E. adds a proviso excluding sugar from the notification's additional duty exemption, except for samples of sugar and for castor, icing, demarara and candy sugar, under powers of Rule 8(1) of the Central Excise Rules, 1944 and Section 3(3) of the Additional Duties of Excise (Goods of Special Importance) Act, 1957.

Specification of debentures under income tax provision: HUDCO Capital Gains Debenture designated for eligibility under deduction clause.
Central Government, under clause (ii) of sub section (1) of section 80L of the Income tax Act, specifies the "3 year 9 per cent. - HUDCO Capital Gains Debenture" issued by the Housing & Urban Development Corporation Limited as a debenture for the purposes of that clause by Notification S.O.195(E) dated 22 2 1988.

Specified Debenture: HUDCO Capital Gains Debenture designated under clause (xvie) of the Wealth tax Act for tax specification.
Central Government, under clause (xvie) of sub section (1) of section 5 of the Wealth tax Act, 1957, specifies the 3 Year 9 per cent. HUDCO Capital Gains Debenture issued by the Housing & Urban Development Corporation Ltd. as a debenture recognised for the purposes of that clause by notification dated 22 02 1988.

Export routing allowed through New Mangalore port for end products made from specified excluded inputs.
The proviso inserted into Notification No. 140/87 Cus permits end products to be exported through the Customs Port of New Mangalore where such products are manufactured from goods other than nylon fibre, nylon yarn, nylon fabrics, polyester fibre, polyester yarn, polyester fabrics, stainless steel sheets, stainless steel strips, magnetic tapes, precious metals, metals clad with precious metals and articles thereof.

Approval under section 35(1)(iii) imposes reporting, audited accounts and timely renewal-application conditions for research institutions.
Approval under section 35(1)(iii) is granted to the Research and Documentation Centre in Social Welfare and Development, Bombay for 1-4-87 to 31-3-88 subject to maintaining separate accounts for scientific research, furnishing annual returns of research activities by 31 May, submitting audited accounts and balance-sheet to prescribed tax authorities by 30 June, and applying for extension at least three months before expiry with late applications liable to rejection.

Research institution approval requires separate research accounts, annual audited returns, and timely renewal applications before expiry.
Approval is granted to the Statistical Publishing Society, Calcutta as an institution under Section 35(1)(iii), subject to maintaining a separate research account, furnishing annual research returns by 31 May, submitting audited accounts and balance-sheet with copies to tax authorities by 30 June, and applying for extension to the Central Board of Direct Taxes at least three months before approval expiry.

Approval of research institution status: conditional on separate research accounts, annual returns, audited accounts and timely renewal application.
Approval is granted to the Forbes Research Centre, New Delhi, subject to maintaining a separate account for research receipts, furnishing prescribed annual returns of scientific research activities by the annual deadline, and submitting audited annual accounts and balance sheet showing income, expenditure, assets and liabilities to the prescribed authority, the central tax administration and the relevant Commissioner within the specified yearly timeframe. Approval is time-limited and requires advance application for renewal to the tax administration.

Research approval under income-tax rules - institution approved subject to accounting, reporting, audit and advance renewal conditions.
Approval is granted to the Centre for Regional Ecological and Scientific Studies in Development Alternative, Calcutta, under section 35(1)(ii) of the Income-tax Act as an approved institution, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of scientific research activities to the prescribed authority by the annual deadline; submit audited annual accounts, income and expenditure statements and a balance-sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner; and apply in advance for extension of approval to the Central Board of Direct Taxes.

Research association approval under tax law: conditional recognition requiring separate accounts, annual audited returns and timely renewal application.
Approval of Vittal Mallya Scientific Research Foundation as an Association under clause (ii) of subsection (1) of section 35 is subject to maintaining a separate research account, furnishing annual research returns by 31 May, submitting audited annual accounts and balance sheet to the prescribed authority, CBDT and the Commissioner by 30 June, and applying for extension at least three months before approval expiry; late applications risk rejection.

Research association approval requires separate research accounts, annual returns, audited accounts and timely renewal applications.
Approval is granted to the Tuberculosis Research Centre, Shri K. J. Mehta, T. B. Hospital, as an approved research association subject to conditions: maintain a separate account for research funds; furnish annual returns of scientific research activities by 31 May; submit audited annual accounts, income and expenditure and balance-sheet to the prescribed authority, Central Board of Direct Taxes and Commissioner by 30 June; and apply for extension of approval three months before expiry. The approval is effective from 1 February 1988 to 31 March 1988.

Approval under section 35(1)(ii) requires research association to maintain separate accounts, file annual returns and audited accounts.
Approval under section 35(1)(ii) is granted to the Research Institute for Graphics Arts as an "Association" subject to conditions: maintain a separate account for research receipts, furnish annual scientific research returns by 31st May, submit audited annual accounts and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner by 30th June, and apply to the Central Board for extension at least three months before expiry. The notification is effective from 1-4-87 to 31-12-1987.

Exchange rate update: customs notification revises the Swiss franc conversion rate, effective in February.
An amendment to the customs notification substitutes the Schedule entry for Swiss francs, specifying a revised exchange rate to be used for customs valuation and related non-tariff purposes, and sets an operative effective date for the new rate.