The cases of certain assessees owning power looms not to be selected for scrutiny assessment—regarding

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..... ases of certain assessees owning power looms not to be selected for scrutiny assessment—regarding. The Central Board of Excise and Customs, Department of Revenue, has amended the CENVAT Credit Rules, 2002, vide Notifications No. 25 of 2003-Central Excise (N. T.), dated 25th March, 2003 and No. 35 of 2003-Central Excise (N. T.) dated 10th April, 2003. The new rule 9A of CENVAT Credit Rules, inter .....

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..... returns. A mechanism for getting one time credit on inputs in stock as on April 1, 2003, without the requirement of producing any duty paying documents, has already been prescribed. Let me further announce that it is possible that a number of power-loom owners have until now not been filing any income-tax returns. They may not even have proper books of account. However, they may now wish to decl .....

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..... with the return of income evidence in support of ownership of power-looms in his name. And as announced by the Finance Minister, this will not have retrospective application or consequences. 4. The contents of this circular may be brought to the notice of all the officers working in your region. Yours faithfully, (Sd.) Suraj Bhan Nain, Director (TPL-IV). [F. No. 153/48/2003-TPL] - Circul .....

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