Cost Inflation Index updated for capital gains computation by inserting the financial year 2012-13 entry in the table.
Cost Inflation Index under clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 was further amended by inserting a new entry in the table to the existing notification governing indexed cost computation. The inserted entry specifies the Cost Inflation Index for the financial year 2012-13 as 852.

Transfer pricing for development centres: TNMM with cost plus for low risk contract R&D; PSM cautioned due to data issues.
The Committee recommends that low risk captive Development Centres satisfying cumulative FAR criteria be benchmarked by the Transactional Net Margin Method with an appropriate cost plus mark up, while Profit Split Method should be reserved for exceptional cost sharing or integrally linked intangible cases and used with extreme caution due to data and attribution difficulties. It urges updated CBDT guidance on FAR analysis, issuance of circulars to ensure uniform TP administration, and a set of sectoral clarifications: giving effect to deeming of "on site" exports, recognising DTM when connected to software development, privileging SoW over MSA for scope, treating R&D as eligible under export notifications, and preserving tax holidays on slump sales and SEZ relocations subject to fact based tests.

LLP Rules amendment updates Form 11 to address companies incorporated outside India and in Sikkim.
The Limited Liability Partnership (Second Amendment) Rules, 2012, made under the authority of subsection (2) of section 79 of the LLP Act, substitute item (vii) in serial number 12 of LLP Form No. 11 to read: Companies Incorporated outside India or Companies registered in Sikkim, and state the Rules are called the Limited Liability Partnership (Second Amendment) Rules, 2012 and come into force on 16th September, 2012.

Customs ports appointment adds Kattupalli for unloading imported goods and loading export cargo to facilitate trade.
The Central Board of Excise and Customs, under clause (a) of sub section (1) of section 7 of the Customs Act, 1962, substitutes the entries in columns (3) and (4) of item (16) against serial number 10 for the State of Tamil Nadu to appoint Kattupalli for the unloading of imported goods and the loading of export goods or any class of such goods, thereby amending Notification No. 62/1994 Customs (N. T.).

Tariff value fixation updated: substitute tables set new commodity-specific import values affecting oils, brass scrap, and precious metals.
The Central Board of Excise & Customs amends the principal non-tariff notification to substitute TABLE-1 and TABLE-2 with updated commodity-specific tariff values: TABLE-1 provides per-metric-tonne values for various vegetable oils, brass scrap and poppy seeds; TABLE-2 provides unit tariff values for gold and silver when concessional entries are availed, thereby replacing the earlier tables in the principal notification.

Central Excise Tariff amendment updates specified notification entries, altering per litre cess rates for listed items.
The Central Government, under section 5A of the Central Excise Act, 1944, amends Notification No.12/2012 Central Excise by substituting in the Table: for Sl. No. 70, column (4), item (i) the entry "1.20 per litre" and for Sl. No. 71, column (4), item (i) the entry "1.46 per litre."

Appointment under statutory power: Vice President of ITAT appointed as President in an officiating capacity.
The Central Government, exercising statutory power under the Income tax Act, appointed the Vice President of the Income Tax Appellate Tribunal as President in an officiating capacity. Shri H.L. Karwa assumed the officiating Presidency commencing in the forenoon of 1 September 2012, and the appointment continues until the post is filled on a regular basis by subsequent selection.

Failure of foreign buyer to take delivery now expressly includes buyer rejection, clarifying import exemption treatment under Customs notification.
Amendment to Notification No. 52/2003-Customs adds an Explanation to Annexure-I, serial number 15, clarifying that goods for which there is failure of the foreign buyer to take delivery shall include goods rejected by the foreign buyer, thereby treating rejected consignments as within the scope of the failure-to-deliver concept for the notification applicable to EOUs, STP units, EHTP units and similar entities.

Customs exemption for re-imported aircraft parts covers SEZ-removed components, requiring return to owner without any sale.
Introduces a nil-duty exemption for parts and components of aircraft removed during maintenance, repair or overhaul in a Special Economic Zone and brought to any other place in India, defining SEZ by reference to the Special Economic Zones Act. The exemption is listed as a new table entry and existing cross-references are updated. A proviso requires that such goods be returned to the owner of the aircraft without any sale to qualify.

Concessional duty on gold findings expanded to include defined components and broadened textile accessory list.
The notification amends the tariff schedule by adding specified garment and packing components to Sr. No. 282 and by substituting Sr. No. 323 to include gold bars bearing manufacturer/refiner serial numbers and metric weight, high-purity gold coins, and defined "gold findings" (small jewellery components), excluding imports via post, courier or baggage, with the revised duty column treatment applied to these entries.

Anti-dumping duty continuation on ductile iron pipe imports maintained pending review, preserving the existing levy unless revoked.
The Central Government amended Notification No. 103/2007-Customs to insert a provision that the anti-dumping duty on imports of ductile iron pipes originating in or exported from China PR shall remain in force up to and inclusive of 12th September, 2013, unless revoked earlier, thereby effecting a time-limited continuation of the duty pending the review initiated under the Customs Tariff Act and rule 23 of the Anti-dumping Rules.

Accountant certificate requirement: prescribed forms and annexure detail evidentiary certifications for non-deduction/non-collection instances.
The amendment inserts rules 31ACB and 37J and prescribes Forms No. 26A and 27BA for accountant certificates under the first provisos to section 201(1) and section 206C(6A). Each form requires the payer/collector to declare payments or receipts made without deduction or collection, enclose an Annexure A where an eligible accountant certifies examination of records and specific particulars (nature, date, statutory head, amounts, tax deducted/collected and return-filing details), confirms inclusion in the payee's/buyer's return, and affirms independence and the truthfulness of the certificate.

Appointment of Administrators to manage confiscated property under PMLA establishes Special Directors as administrators governed by the Act and Rules.
The Special Directors of Enforcement of the Regional Offices of the Directorate of Enforcement are appointed as Administrators to receive and manage property confiscated under the Prevention of Money Laundering Act, with their functions governed by the Act and the Prevention of Money Laundering (Receipt and Management of Confiscated Properties) Rules, 2005.

Port inclusion: Irungattukottai ICD added to authorised export and import ports via amendments to customs notifications.
The notification amends multiple customs exemption notifications by substituting references to Tondiarpet (TNPM), Chennai with wording that adds Irungattukottai, SIPCOT Industrial Park, Kattrambakkam Village, Sriperumbudur Taluk, Kanchipuram District, Tamil Nadu, thereby expressly including Irungattukottai Inland Container Depot among the ports permitted for exports and imports under the relevant exemption instruments.

Duty exemption condition: exemption limited to Mega Power Projects certified before the specified cutoff, adding List 32A projects.
Amendment to Notification No.12/2012-Customs restricts duty exemption to Mega Power Projects listed in newly inserted List 32A, requires certification by an officer not below Joint Secretary in the Ministry of Power before the prescribed cutoff, substitutes expansion project entries for S. No. 508 with specified units cross-referencing the definition in S. No. 507, and inserts a detailed enumerated Annexure (List 32A) identifying eligible projects and developers.

Duty exemption for power project inputs narrowed to specified projects and time-limited eligibility under amended notification.
Notification No. 34/2012 amends the prior Central Excise exemption framework by substituting open-ended references to goods "required for setting up" or "supplied to" mega/ultra-mega power projects with explicit cross-references to newly inserted List 10 and List 11, enumerating named projects and specific expansion units. Conditions No. 42 and 43 in the Annexure are amended to require certification before a specified cut-off date for eligibility, converting the exemption into a project-specific, time-limited regime and including corrigenda to certain project entries.

Exchange rate determination establishes new conversion rates for imports and exports for listed foreign currencies effective immediately.
Notification determining conversion rates of specified foreign currencies into Indian rupees for customs valuation, prescribing separate rates for Imported Goods and Export Goods in Schedule I and a rate per 100 units for Japanese yen in Schedule II, effective from 7th September, 2012; supersedes an earlier notification and notes corrigendum corrections to Kenya Shilling entries.

SAFTA sensitive list amendment reduces tariff lines and prescribes preferential customs duty rates for specified goods.
Amendment to the SAFTA preferential regime substitutes a new tariff Table and Annexure, prescribing specified duty bands and commodity specific rates and replacing the list of tariff lines constituting the sensitive list for Non Least Developed Countries, including per unit duties and distinct treatments for refined, processed and selected industrial and agricultural goods.

Online submission requirement: dealers must file invoice and goods receipt details before goods enter the territory.
Dealers receiving goods from outside the territory must submit Invoice and Goods Receipt Note details online using their login id and password before the goods physically enter the territory, using Form T-2, under the administrative powers of the Delhi Value Added Tax Act, 2004.

Fixation of tariff values: amendment substitutes new tariff tables for specified oils, metals and seeds altering customs valuation.
Fixation of tariff values by substituting TABLE-1 and TABLE-2 of the principal customs notification with updated tariff schedules: TABLE-1 assigns US dollar per metric tonne values for specified edible oils, soyabean oil, brass scrap and poppy seeds, noting some retained values and at least one new value; TABLE-2 assigns unit-based tariff values for gold and silver imports eligible under certain notification entries, to be read as an amendment to the principal notification.