Amended Health Insurance norms; No free look period on new health policies of less than a year

INSURANCE : IRDA Health Insurance Regulations, 2013 - Amendment in Regulation 5

Resident of UAE entitled to treaty benefits even if it hadn't paid taxes in its country but liable t

IT/ILT: Where assessee had no tax incidence but otherwise liable to tax in UAE, benefits of India-UAE DTAA were applicable

Profit of one eligible unit to be adjusted against loss of other eligible unit for sections 80-IA an

IT : Profit derived from one industrial undertaking should be adjusted against loss suffered in another undertaking

Association working in retail motor sector is a trade union and is exempt from service tax

ST/ECJ : A voluntary association of persons working in retail sector of motor industry whose aim is to defend collective interests of its members (viz. workers/employers) is eligible for service tax exemption in respect of trade union

Extended period for assessment wasn't available if penalty notice served to assessee was held as inv

IT: Unless a valid and reasoned penalty notice is served, extended period of limitation for completing assessment under section 153(1)(b) is not available

Commissioner (Appeals) can't admit additional evidences without recording reasons thereof

ST: Commissioner (Appeals) can admit additional evidence produced by assessee only after : (a) application by assessee in that regard, (b) recording reasons for admitting evidence and (c) giving any opportunity to Department to rebut evidence.

Stock brokers and sub-brokers Regulations amended; SEBI puts in place new Form for registration of s

SEBI : SEBI (Stock Brokers and Sub-Brokers) (Second Amendment) Regulations, 2013 - Amendment in Regulation 2 & Schedule III; Substitution of Chapter II (Regulations 3, 4, 5 , 6 7, 8, 9 & 10) Form A & Form D; Insertion of Chapter II-A (Regulations 10A, 10B, 10C & 10D) & Chapter VII (Regulations 29 & 30), Schedules V, VI & Form AD and Omission of Chapters III-A, III-B, III-C & Schedules IIIa, IV, IVA & IVB

Central Excise Notification No 12/2013 CE(NT) dated 27-09-2013

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

Notification No. 12 /2013-CE (NT)

New Delhi, the 27^th September, 2013

G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:-

1. (1) These rules may be called the CENVAT Credit (Second Amendment) Rules, 2013.
   

   (2) They shall come into force on the date of their publication in the Official Gazette.

   
   


2. In rule 3 of the CENVAT Credit Rules, 2004, for sub-rule (5A), the following sub-rule shall be substituted-
   

   “ (5A) (a) If the capital goods, on which CENVAT credit has been taken, are removed after being used, the manufacturer or provider of output services shall pay an amount equal to the CENVAT Credit taken on the said capital goods reduced by the percentage points calculated by straight line method as specified below for each quarter of a year or part thereof from the date of taking the CENVAT Credit, namely:-

   
   
   
   
   1. for computers and computer peripherals:
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      for each quarter in the first year @ 10%

      for each quarter in the second year @ 8%

      for each quarter in the third year @ 5%

      for each quarter in the fourth and fifth year @ 1%

      
      
      
   
   
   2. for capital goods, other than computers and computer peripherals @ 2.5% for each quarter:
      

      Provided that if the amount so calculated is less than the amount equal to the duty leviable on transaction value, the amount to be paid shall be equal to the duty leviable on transaction value.

      
      

      (b) If the capital goods are cleared as waste and scrap, the manufacturer shall pay an amount equal to the duty leviable on transaction value.”

      
      
   
   
   
   

F. No. 267/42/2012-CX.8

(Vikas Kumar)

Director to the Government of India

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 10^th September, 2004, vide Notification No. 23/2004 – Central Excise (N.T.) dated the 10^th September, 2004 , vide number G.S.R. 600(E), dated the 10^th September, 2004 and last amended vide Notification No. 3/2013-Central Excise (N.T.) dated the 1^st March, 2013 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 150(E), dated the 1^st March, 2013.

No sec. 40(a)(ia) disallowances if nil TDS certificate is received by deductor but not filed with CI

IT: Where person responsible to deduct TDS received declaration in form 15G/15H, non-filing or delayed filing of such form before Commissioner would not result in disallowance under section 40(a)(ia)

Case remanded for afresh adjudication as assessee furnished fresh evidences before ITAT

IT : After fresh evidence is produced before Tribunal, matter can be remanded to Assessing Officer for fresh adjudication

Case remanded as demand was confirmed in absence of evidences

ST: Where demand is confirmed mainly on ground that supporting evidences are not furnished and assessee is willing to produce evidence afresh, matter must be remanded back for consideration afresh

Penalty was rightly imposed on appellant as it didn't comply with summons issued by SEBI, says SAT

CL : Penalty was rightly imposed on appellant-company for non-compliance of summons issued by adjudicatory authority of SEBI

Audit objections don't lead to reassessment unless AO records his satisfaction

IT: No reassessment to be made merely on ground of audit objection