Tax-free bonds under income-tax notification provide exemption for long-term redeemable bonds with put/call options; registration required.
The notification specifies cumulative tax-free bonds redeemable after fifteen years with put/call options exercisable at the end of years seven through fourteen, carrying a stated annual interest, issued in specified distinctive numbers and aggregate amount; the tax-exemption is admissible only if the holder registers his or its name and the holding with the issuing company.

Export obligation extension lets revived sick units fulfil obligations over an extended period and set off excess exports.
Where a sick unit notified by BIFR is taken over for revival, the acquiring unit may fulfil EPCG export obligations over an overall twelve-year licence period from date of issue, and export obligation of a block may be set off by excess exports in preceding block(s); several provisos replacing earlier minimum CIF-value thresholds substitute conditions tied to licences having an overall export obligation period of 12 years, and one amendment also extends eligibility to licences issued to units in notified agri export zones.

Exchange rate determination for export goods set new conversion rates effective under Customs Act, replacing prior notification.
The Board, under the Customs Act, prescribes rates of exchange to be used for conversion between specified foreign currencies and Indian rupees for export goods valuation, superseding the earlier notification; Schedule I lists rates per one unit of each foreign currency and Schedule II lists the rate per one hundred units of the listed currency as the prescribed exchange values for export goods conversion.

Exchange rate determination for imports sets prescribed currency conversion rates for customs valuation and compliance.
The Board, under the Customs Act, fixes the rate of exchange for specified foreign currencies into Indian rupees for purposes of imports, superseding the prior notification and requiring use of the appended schedules of conversion rates from the stated commencement date for customs valuation, duty computation, and related compliance.

Tax exemption notification: charitable status granted with conditions on income application, permitted investments and dissolution transfers.
The Central Government notifies The Asthika Samaj, Mumbai as eligible under clause (23C)(v) of section 10, subject to conditions: apply or accumulate income wholly for its objects; invest only in permitted forms under the income-tax law except voluntary contributions maintained as jewellery or furniture; business income excluded unless incidental and accounted in separate books; regular filing of returns; and on dissolution transfer surplus and assets to a charitable organization with similar objectives.

Tax exemption recognition under clause 23C(iv) of section 10 granted conditionally to a society for specified assessment years.
Notification under clause (23C)(iv) of section 10 recognises the Society for Promotion of Wasteland Development, New Delhi, for assessment years 2002-03 to 2004-05 subject to conditions: apply or accumulate income solely for its objects; invest only in forms permitted by section 11(5) (excluding certain voluntary contributions in kind); exclusion of business income unless incidental with separate books; regular filing of returns; and transfer of surplus and assets on dissolution to a like charitable organisation.

Tax exemption recognition under section 10 clause 23C(v) granted subject to operational, investment and reporting conditions.
The Central Government notifies The Fathers of Holy Cross, Bangalore under clause (23C)(v) of section 10 for assessment years 1994-95 to 1996-97, subject to conditions: apply or accumulate income wholly for its objects; restrict investments to forms specified in section 11(5) (except certain voluntary contributions retained as jewellery/furniture); exclude business profits unless incidental and maintained in separate books; regularly file income-tax returns; and on dissolution transfer surplus and assets to a charitable organization with similar objectives.

Tax exemption recognition granted to religious congregation subject to income application, permitted investments, business limits, and filing obligations.
Central Government notifies the Congregation of Christian Brothers in India, Kolkata under clause (23C)(iv) of section 10 for specified assessment years, subject to conditions: exclusive application or accumulation of income for its objects; investment limits to forms in section 11(5) except certain tangible voluntary contributions; business income excluded unless incidental and separately accounted; regular filing of returns; and transfer of surplus and assets on dissolution to a similarly purposed charitable organization.

Appointment of Adjudicating Authority: designated official to adjudicate specified customs show cause notices across jurisdictions.
The Central Board of Excise and Customs, under its statutory powers, designates the Commissioner of Customs, Air Cargo Complex, IGI Airport, New Delhi, to act as Commissioner of Customs, Ahmedabad, exclusively for adjudication of show cause notices issued by the Directorate of Revenue Intelligence in respect of two specified importers, thereby effecting an administrative delegation to create a common adjudicating authority for those matters.

Appointment of Common Adjudicating Authority under Customs Act delegates adjudication of specified show cause notices to a single commissioner.
The Central Board of Excise and Customs appoints the Commissioner of Customs, Pune to act as a Common Adjudicating Authority for specified show cause notices issued to M/s. Hoganas India Limited and others, delegating the adjudicatory functions of the named Commissioners under sub-section (1) of section 4 of the Customs Act for the matters listed in the notification's Table.

Eligible project specification under section 35AC extended for Sanjivani Trust, continuing medical and educational welfare activities.
Specification under section 35AC designates Sanjivani Trust's scheme of medical treatment, medicines, food to needy patients, books, educational kits, uniforms, scholarships and other social welfare activities as an eligible project. The National Committee recommended a further three-year specification, and the Central Government, under the Explanation to section 35AC, specifies the scheme as eligible for an additional three-year period commencing with assessment year 2002-2003.

Specification under section 35AC: eligible project extension granted for land development and school construction by charity association.
The Central Government, under the Explanation to section 35AC of the Income-tax Act, specified the land development and construction of a school/vocational training centre for mentally handicapped children by the Parents Association for the Welfare of Children with Mental Handicap as an eligible project for a further period of three years commencing from assessment year 2002-2003, following the National Committee's recommendation that the project was being executed properly; the notification identifies the executing body and states the estimated project cost.

Specification under Explanation to section 35AC extends eligibility of a charitable hospital project following National Committee recommendation.
The Central Government, acting on a National Committee recommendation under rule 11M(5), specifies the project of equipment supply and operation of Ashirwad Eye and General Hospital by Vithalbhai Foundation as an eligible project under the Explanation to section 35AC at an estimated cost of rupees seventy-one lakhs fifty-nine thousand, and extends its eligibility for a further three years commencing with the assessment year 2003-2004.

Eligible project designation under section 35AC extends tax-specified status to free eye services and mobile camps.
The Central Government specifies the scheme of free eye services through Shri R.M. Eye Hospital and associated free mobile camps in rural and adivasi villages of Chikhodra, Baroda, Gujarat, as an eligible project or scheme under the Explanation to section 35AC for a further three-year period commencing with assessment year 2002-2003, following the National Committee's recommendation that the project is being properly executed.

Explanation to section 35AC: Specification extended for construction of Bhagwan Mahaveer Cancer Hospital as an eligible project.
Specification under the Explanation to section 35AC designates Phase I construction of Bhagwan Mahaveer Cancer Hospital & Research Centre in Jaipur as an eligible project for tax-incentive purposes, noting prior extensions and a Committee recommendation; the Central Government specifies the project, executed by Bhagwan Mahaveer Cancer Hospital & Research Center at the stated address and estimated cost, as eligible for a further two-year period commencing with the notified assessment year.

Specified eligible project: increased allowable project cost under section 35AC for purchase of medical equipment and health project.
The Central Government, under the Explanation to section 35AC, confirms the Umeed Khanna Foundation's Sangrur health care project as an eligible scheme and amends the earlier notification by substituting the previously allowed maximum project cost with a higher allowable project cost for that specified entry in the notification's Table.

Extension of tax-deduction eligibility for a Road Safety Project enables continued tax-incentive treatment following committee recommendation.
The Central Government, invoking the Explanation to section 35AC, specifies the Road Safety Project in Pune by Kum. Rajshree Parmar Memorial Foundation as an eligible project for a further three years from assessment year 2003-2004 at an estimated cost of thirty lakhs, following a national committee recommendation under rule 11M(5) that the project is being executed properly.

Specification of eligible project under section 35AC: trust hospital scheme extension and revised project cost approval.
Specification under Explanation to section 35AC designates the Karuna Setu Trust's hospital, equipment purchase and welfare activities at Vadnagar, Mehsana District, Gujarat, as an eligible project; the National Committee recommended further specification and an upward amendment of the project cost, and the Central Government amended the earlier notification to substitute the prior maximum allowable cost with a revised higher amount including an increased corpus fund.

Eligible project status extended under tax provision; amendment to project cost and corpus fund by central government
Central Government specifies the Rural Development Project at Nawalgarh Block and the Shekhawati region, carried out by M.R. Morarka GDC Rural Research Foundation, as an eligible project for tax incentive purposes for a further three year period beginning with assessment year 2001 2002, following the National Committee's recommendation of proper execution and extension. The notification further amends the earlier notification by increasing the maximum permissible project cost in the table entry to a revised total, explicitly including a corpus fund.

Deduction eligibility for charitable adoption centre amended: project remains eligible while cost allocation between project and corpus is reallocated.
The Central Government specified the Karna Prayag Trust's founding-cum-adoption centre at Teynampet as an eligible scheme under the Explanation to section 35AC; following National Committee recommendation the project's specification was extended and amended to reallocate the maximum allowable cost between project expenditure and corpus fund while keeping the total eligible cost unchanged.