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Income tax - TP - assessee is subsidiary of US Co - royalty payment - TPO reduces royalty paid on deals going bad and being written off - TPO cannot go beyond limitation prescribed in terms of methods to be followed for determining ALP u/s 92C: ITAT (See 'Breaking News' + '2010-TIOL-68-ITAT-MUM') Regional exemptions - J&K gets extended with more value addition rates (See 'DDT Column') Service Tax - institute conducting aircraft-specific type rating training, not covered under exclusion of which issues a certificate recognized by law, nor covered as a vocational training institute: Advance Ruling (See 'Breaking News' + '2010-TIOL-01-ARA-ST') Can Special Purpose Vehicle drive away judicial arrears of India! (See 'Guest Column') Vehicles having special cavities for concealing smuggled goods can be confiscated if they are found in Customs area � when no owners are forthcoming for said vehicles, Revenue could have confiscated and disposed the same � it is not Tribunal's concern to advise department: CESTAT (See 'Breaking News' + '2010-TIOL-231-CESTAT-MUM') Advance Estimates of National Income, 2009-10 (See 'DDT Column') Iron Ore Fines and Coke Breeze obtained on screening of Iron Ore and Coke whether result of manufacturing activity � rule 6(3)(b) of CCR, 2004 whether applicable � Matter remanded for final decision on merits: CESTAT (See 'Breaking News' + '2010-TIOL-230-CESTAT-MUM') Montek hints at roll-back of economic stimulus package I-T - Sec 254(2) - rectification of mistake - Tribunal rejects application - assessee again files application - Tribunal allows it - held, once an application is disposed of, Sec 254(2) cannot be resorted to file another application: HC (See '2010-TIOL-111-HC-MAD-IT') Central Excise exemption regime for Jammu & Kashmir - CBEC notifies conditional exemption for more goods (See Excise Tariff 01 in 'What's New') I-T - Sec 195(2) - Assessee files application u/s 195(2) for no TDS certificate for payment of administrative service fee to parent company - MAP - held, since both assessee and Revenue had opted for MAP in earlier years and even for latest AYs they have agreed for only 25% of payment as income, there is no valid reason for a different treatment for other years (See '2010-TIOL-63-ITAT-BANG') Customs exemption for sugar import extended upto Dec 31, 2010 (See Cir 08 in 'What's New') Govt allows IRFC to float tax-free bonds for Rs 5000 Crore (See 'Mixed Buzz') Income tax - hyper technical objections - Members of Bench differ even on points of difference - Even oral plea can also be made for raising an additional ground - Order by one Member of Bench cannot be given effect to: ITAT Third Member (See 'Breaking News' + '2010-TIOL-62-ITAT-MAD-TM') Income Tax - Sugar - Difference between SAP and SMP - whether expenditure or distribution of profits - matter remanded: Supreme Court (See 'DDT' Column) Central Excise - 25% penalty under Section 11AC is not applicable for proceedings before Settlement Commission: Delhi HC (See 'Breaking News' + '2010-TIOL-113-HC-DEL-CX') Infrastructure: Budget needs to continue with support for driver of Indian economy (See 'TIOl Budget Run-Up') Central Excise - Benefit of sub-section 2B to section 11A is not available where duty became payable before 11.05.2001 - declarations u/r 173C were being filed and exercise revenue neutral, hence penalty u/s 11AC set aside: CESTAT (See 'Breaking News' + '2010-TIOL-224-Cestat-Mum') PC offers funds, arms to States to enhance internal security I-T - Sec 147 - liquor vending - assessee required to set aside sum of Rs 5/- per bottle for Transport Infrastructure Utilisation Fund (TIUF) - AO treats same as taxable - held, in view of fact that AO has applied its mind and assessee furnishing detailed answers, reassessment would amount to change of opinion (See '2010-TIOL-110-HC-DEL-IT') Partnership In Customs Academic Research and Development - PICARD (See 'DDT') Income Tax - revision by CIT - To invoke provisions of Sec 263, order in question should be erroneous as well as prejudicial to interests of revenue, both requirements are mandatory: ITAT (See 'Breaking News' + '2010-TIOL-61-ITAT-HYD') PM urges CMs to set up state-level nodal agencies to investigate FICN cases (See 'Mixed Buzz') ST - Taxability of food and beverages supplied under contract for service prior to July 2003 - Payment of service tax and VAT are mutually exclusive - Once VAT/sale tax is discharged on food, beverages, etc. assessees not required to pay service tax on same value (See '2010-TIOL-219-Cestat-Bang') UN workshop focuses on internet access for visually impaired (See 'Mixed Buzz') No bona fide in filing appeal before Commissioner(A) when proper forum for filing appeal is CESTAT - Appeal and COD application rejected: CESTAT (See 'Breaking News' + '2010-TIOL-218-ITAT-MUM') India successfully test-fires Agni III intermediate-range ballistic missile early today Customs - Import of second hand main frame assemblies with few PCBs of photocopiers is not restricted under Policy - confiscation under Section 111 (d), redemption fine and penalty set aside - enhancement of value upheld (See '2010-TIOL-217-Cestat-Mad') Mamta urges private sector to work in partnership with Railways Central Excise - Against an order of 1983 unpaid amount of duty of Rs 32,000 is paid only on 21.5.2007 - Appellant required to pay interest u/s 11AA from 1995 to 2007: CESTAT (See 'Breaking News' + '2010-TIOL-216-CESTAT-MUM') JNU Professor in CBI net on corruption charges in (See 'Mixed Buzz') I-T - AO makes disallowance on ground that assessee has sold factory building - Held, disallowance of expenses on account of legal and professional charges not justified (See '2010-TIOL-60-ITAT-MUM') Financial Inclusion - Product Designing and Target Costing may help! (See 'Breaking News') Customs - Stay - Anti-dumping duty on industrial lead acid batteries of Chinese origin - prima facie, there is overwhelming evidence of manufacture of goods in China - pre-deposit ordered (See '2010-TIOL-214-CESTAT-MAD') Siliguri DRI seizes Red Sanders wood from two trucks on Indo-Nepal border Bollywood veteran actor Sujit Kumar passes away at 75 Montek says decontrolling petro prices may help curb inflation I-T - Sec 147 - partnership firm sets off business loss against capital gains and interest income - Held, following ratio of HC decision in case of MTNL CIT(Appeals) is right in upholding re-assessment (See '2010-TIOL-57-ITAT-DEL') Climate change - India has full confidence in IPCC Process: PM Income tax - India-UK DTAA - Article 5 - if correct arms' length price is applied and paid, nothing further would be left to be taxed in hands of foreign enterprise: ITAT (See 'Breaking News' + '2010-TIOL-59-ITAT-DEL') Draft service Tax Audit manual released (See 'DDT' Column)

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