TP - Mere dissatisfaction with factual findings of ITAT regarding selection of comparables after application of quantitative/qualitative filters cannot be contested u/s 260A: HC (See 'TOG Latest')I-T - Assessee is eligible to claim exemption u/s 54 where possession of flat held by him since date of allotment is handed over & capital gain is paid on transfer of property 'held': ITAT (See 'TOG Latest')Customs - Classification of imported goods cannot be decided based on internet search results when Department could have obtained expert opinion or technical write-up: CESTAT (See 'TOG Latest')Central Excise - Demands cannot be raised under rent-a-cab service where Department is unable to prove that vehicle was capital goods of assessee & was registered in its name: CESTAT (See 'TOG Latest')ISA - India to host first general conclave (See 'TOG News')New convention & expo centre to reflect economic progress: Modi (See 'TOG News')TP - When agreement between two resident companies does not provide for any markup on total cost then no addition is permitted by applying margin of international transactions: ITAT (See 'TOG Latest')I-T - If interest income does has no direct link with eligible business or business activity then it can be considered for deduction claimed u/s 80IB & 80IC: ITAT (See 'TOG Latest')Central Excise - Cenvat credit be availed on supplementary invoices rasing demand for 'royalty charges' & 'stowing excise duty', 'paryavaran upkar', 'vikas upkar', 'forest fee' & 'Entry tax': CESTAT (See 'TOG Latest')Service Tax - Extended period of limitation cannot be invoked where issue of taxability of commission received from banks was contested during period of dispute: CESTAT (See 'TOG Latest')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Delhi Govt inks pact with Seoul for better infrastructure & public health (See 'TOG News')Govt launches star rating based on efficient energy use (See 'TOG News')DTAA - Tax Residency Certificate constitutes sufficient evidence for accepting status of residence as well as beneficial ownership for seeking treaty benefits: ITAT (See 'TOG Latest')I-T - Pre-deposit of duty demanded from cooperative institution can be waived off considering that its members come from marginal sections of society: ITAT (See 'TOG Latest')Customs - Duty exemption under Notfn No 46/2006-Cus can be denied where entire quantity of imported goods were not used to manufacture final product: CESTAT (See 'TOG Latest')Central Excise - Cenvat credit cannot be allowed on Outdoor Catering service which is utilized for personal use by employees & has no nexus with manufacture of final product: CESTAT (See 'TOG Latest')
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South Korea shares pocket-friendly rail technology with India
By TOG News Service
Jul 11, 2018

TOG News Service, NEW DELHI, JULY 11, 2018: THE Research Design and Standards Organization (RDSO) and the Korean Railroad Research Institute today signed an agreement to boost cooperation to help improve railway infrastructure in India. The Republic of Korea has a very efficient high speed railway system, the technology for which would be shared with India at good prices.

Delegation-level talks were held between both sides. Thereafter, the Indian ambassador to South Korea, Mr Vikram Doraiswami, stated that RDSO officials visited Korea at the behest of the Railway Minister and the idea was to explore the Korean model of high speed railways and also a variety of railway technologies where Korea has strengths. It may be noted that Korea has shown interest in entering the high speed railway market in India. According to the Indian envoy, the Korean railway system has strengths in technologies including in the railway centre of gravity, i.e., where a train would be able to negotiate a curve without derailing. Besides, the Korean railways are also said to have increased safety standards and better signalling equipment & rolling stocks.

A relative latecomer in Asia for the high-speed railway market, South Korea is now ranked fourth in the world in terms of technologies, after France, Germany and Japan. It may be noted that in respect of rolling stock, Korea already has significant presence in India, with most of the metro lines in Delhi, Bangalore and Hyderabad enlisting services of M/s Hyundai Rotem. The RDSO is already working in coordination with Japan and under a pact worked out in 2015, the Japan Railway Technical Research Institute is to cooperate in the areas of safety in train operation, advanced techniques of maintenance and use of environment friendly technologies in India.

On the overall investment from Korea, Mr Doraiswami stated that USD 3.5 billion have come in couple of years. He also pointed towards the scale in which that has come. The automobile manufacturing South Korean major, KIA Motors, is coming up with an unit and a township at Anantpur in Andhra Pradesh wherein 3 lakh cars would be made each year starting from 2019. It is predicted that by the time its full capacity is installed, India would be the fourth-largest market for production for the motor group. Among other companies, Samsung, which launched its new unit in Noida on Monday, will bring out at least 10 million smart phones every month from Indian hub.

Prime Minister Mr Narendra Modi and Korean President Mr Moon Jae-in participated at the talks that pledged to enhance bilateral trade to USD 50 billion a year by 2030, up from USD 20 billion now. In this regard, Mr Doraiswami stated that India was looking at the significant expansion of production capacity in automobiles, electronics and also new sectors that includes textiles, food processing and chemicals.

Moreover, India and Korea also exchanged a Joint Statement on Tuesday on the Early Harvest Package of the Upgraded Comprehensive Economic Partnership Agreement (CEPA). This pact has three chapters, namely Goods, Services and Investment. The Indian envoy to South Korea further mentioned that under this agreement, eleven main commodity goods would be covered, thus opening new avenues and opportunities for India to increase exports in areas which were of particular interests for India. He mentioned that there will be boost in exports of Agri commodities and marine products, as the Korean markets were being explored.