On the occasion of Central Excise Day, 2013, it has been proposed to award Commendation Certificates to selected officers at an All India level from different grades who, by their innovative ideas/continued devotion and commitment to duty have contributed in promoting excellence in the fields of Central Excise, Service Tax & Customs administration.
Section 43B of the Act is applicable only in respect of any amount paid as interest to a scheduled bank. A scheduled bank as defined in Explanation 4 to Section 43B of the Act would have the same meaning as contained in the Explanation to Section 11(5) (iii) of the Act.
This issue is covered by the decision of the Hon’ble High Court of Karnataka in the case of Yokogawa India (cited Supra), wherein it has been held that for computing the deduction u/s 10A of the Act, the profit of eligible units have to be deducted at source and do not enter into the computation of income and as a consequence of which, the losses suffered by non eligible units cannot be set off against the profits of eligible units.
It has also been decided to allow Standalone health insurance companies to avail the services of Agents, Corporate Agents of other Life and/or Non-Life insurance companies to distribute their products provided such Agents and Corporate Agents undergo 25 hours training as mandated at para (2) above.
