Useful Updates 1 Credit allowed even if vendor has charged duty wrongly Recently, the CESTAT, MUMBAI BENCH in the case of Commissioner of Central Excise, Aurangabad v. Komal Enterprises, (2014) 42 taxmann 566 (Mumbai - CESTAT) held that buyer is eligible to avail CENVAT Credit of duty charged by supplier irrespective of the fact that activity carried on by supplier does not amount to manufacture of goods. The assessee in the cited case was engaged in manufacture of springs and press pans for which he procured S.S.Wires from supplier. The supplier has paid duty on such wires and the appellant took credit of the duty paid. Department argued that suppliers process of drawing wire from wire rods did not amount to manufacture and, therefore, no duty was payable by supplier and, accordingly, no credit could be taken by assessee. Honorable Tribunal held that the supplier issued CENVATable invoices and paid duty thus as per rule 9 of CENVAT Credit Rules, 2004, assessee was entitled credit of duty paid. 2)MCA Notifies Rules for 10 Chapters under Companies Act, 2013 Within a day of notifying 183 new sections of the Companies Act 2013, MCA has now notified final rules for 10 chapters by way of notification dated 27th March 2013. The list of notified rules is given below: Chapter I-Companies (Specification of definition details) Rules 2014 Chapter II- Companies (Incorporation) Rules 2014 Chapter III- Companies (Prospectus and allotment of securities) Rules 2014 Chapter IV- Companies (Share Capital and Debentures) Rules 2014 Chapter VI -Companies (Registration of Charges) Rules 2014 Chapter VII- Companies (Management and Administration) Rules 2014 Chapter VIII- Companies (Declaration and Payment of Dividend) Rules 2014 Chapter IX- Companies (Accounts) Rules 2014 Chapter XI-Companies (Appointment and Qualification of Directors) Rules 2014 Chapter XII- Companies (Meetings of Board and its Powers) Rules 2014
Posted on: Sat, 29 Mar 2014 14:12:18 +0000
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