<DIRECT TAX LAWS>

n Assessing Officer in light of Instruction No. 3 of 2003, dated 20-5-2003 of CBDT is duty bound to refer matter to transfer pricing officer of international transaction exceeding Rs. 5 crores, having regard to purpose of specialized cell created by revenue department to deal with complicated and complex issues arising under transfer pricing mechanism  - Ranbaxy Laboratories Ltd. v. Additional Commissioner of Income-tax [IT Appeal No. 2146 (Delhi) of 2007]

n Tested party normally should be party in respect of which reliable data for comparison is easily and readily available and fewest adjustments in computations are needed; it may be local or foreign entity i.e. one party to transaction; it is also true that generally least of complex controlled taxpayer should be taken as a tested party, but where comparable or almost comparable, controlled and uncontrolled transactions or entities are available, it may not be right to eliminate them from consideration because they look to be complex, if taxpayer wishes to take foreign AE as a tested party, then it must ensure that it is such an entity for which relevant data for comparison is available in public domain or is furnished to tax administration - Ranbaxy Laboratories Ltd. v. Additional Commissioner of Income-tax [IT Appeal No. 2146 (Delhi) of 2007]

n Proviso to rule 3(5) is attracted only where educational institution is itself maintained and owned by employer and free educational facilities are provided to children of employees - Birla Vidya Niketan v. Income-tax Officer [IT Appeal No. 868 of 2007]

n Assessee could not be treated unequally between those traders who had appeared before Assessing Authority and supported claim of assessee that assessee was commission agent and on contrary drawing adverse inference against assessee for non-appearance of other five traders to whom summons under section 131(1) could not be served - Anis Ahmad & Sons v. Commissioner of Income-tax [Civil Appeal No. 582 of 2008]

<FEMA>

n Issuance of process in a criminal case can not be equated with taking cognizance by a criminal court - S.K. Sinha v. Videocon International Ltd. [Criminal Appeal No. 175 OF 2008]

<SECURITIES LAWS>

n Removal of Initial issue expenses - Circular No. SEBI/IMD/CIR NO. 11/115723/08, dated 31-1-2008  

<SERVICE TAX>

n Provision of education by an institution will attract service tax only if that institution is a commercial concern, which is run with sole object of making profit - Great Lakes Institute of Management Ltd. v. Commissioner of Service tax [APPEAL NO. S/163 OF 2007]

<DAILY CASE LAW REPORTER>

n Delhi High Court on section 260A of Income-tax Act, 1961 - Commissioner of Income-tax v. Dhnad Financial Services (P.) Ltd. [IT APPEAL NO. 930 OF 2007]

n Delhi High Court on section 271(1)(c) of Income-tax Act, 1961 - Commissioner of Income-tax v. Hi-Tech Flexotext (P.) Ltd. [IT APPEAL NOS. 576 AND 611 OF 2006]

n Delhi High Court on section 41(1) of Income-tax Act, 1961 - Jay Engineering Works Ltd. v. Commissioner of Income Tax [IT Reference No. 119 of 1987]

n Delhi High Court on section 263 of Income-tax Act, 1961 - Mitsui & Co. Ltd. v. Commissioner of Income-tax [IT APPEAL NO. 145-146 OF 1987]

n Delhi ITAT on sections 37(1) and 72A of Income-tax Act, 1961 - Siel Limited v. Deputy Commissioner of Income-tax [IT APPEAL NOS. 262 & 799 (DELHI) OF 1999]

n Delhi High Court on section 80TT of Income-tax Act, 1961 - Commissioner of Income-tax v. Smt. Rama Rani Ghai [IT Reference No. 112 of 1986]

n Punjab and Haryana High Court on section 529A of the Companies Act, 1956 - Oswal Agro Furane Ltd.,(In liquidation)  In re. [Civil Appeal Nos. 723 of 2005, 627 of 2006]

n Allahabad High Court on section 433 of Companies Act, 1956 - Pearl Stripes (P.) Ltd. v. Secure Industries Ltd. [Company Appeal No. 1 of  2006]

n New Delhi CESTAT on section 73 of Finance Act, 1994 - Pratik Marbles (P) Ltd. v. Commissioner of Central Excise [Appeal No. ST/158-161, 163-167, 170-180, 182-206, 208-221, 225-233, 236-238, 244, 246, 265, 283, 307, 315-324, 349, 352, 354, 359, 433-437 OF 2006]

<NEWS>

n 'Deductibility of bad debts is a soft target'

n I-T department raid at Borgaon

n 14 cos face FBI probe for accounting fraud

n Haryana wants compensation of Rs 2,500-cr in CST loss

n Banks fare well in Q3 show despite slow credit growth