1. VOLUME NO.: LLAT/1479 OF 2016-17 DATE: 18 June 2016
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Dear Client,
We have pleasure in listing below some of the recent legal landmarks.
SrNo Authority Section/Rules RATIO(S)
Citation /Subject CASE(NAME OF ASSESSEE)
1.1 MAD HC 185 ITA
Firm assessed as AOP as members exceeded prescribed number of twenty.
1.2 67TM233 Assessment of firm
Megatrends Inc
2.1 VISHK ITAT 37(1) ITA
Since TPO as well as AO had accepted payment of royalty as genuine and not sham
transaction in previous assessment year disallowance of same in previous year on
ground of genuineness was unjustified.
2.2 67TM237 Deduction
L.G. Polymers India (P.) Ltd.
3.1 MUM ITAT 43B ITA
If liability of dues on Municipal Corporation of a contractual or statutory nature was
disputed no deduction will be allowed on accrual basis
3.2 67TM249 Disallowance
Vasant J. Khetani
4.1 KAR HC 271 380 393 Cos Act
Where foreign company having no permanent office in India had filed winding up
petition against A for non-payment of admitted dues winding up petition filed by it
was maintainable.
4.2 67TM261 Winding-up
Kingfisher Airlines Ltd
5.1 SC 12A 12AA ITA
Where A filed an application for grant of registration and same was not responded
within stipulated period of six months application for registration was deemed to be
granted.
5.2 67TM264 Registration
Society for Promn. of Edn. Allahabad
6.1 DEL ITAT 2(28A) ITA
Discounting charge on promissory notes could not be considered as interest as the
same was business income of A which could not be taxable in India in absence of its
PE in India.
6.2 67TM266 Interest
Cargill financial Services Asia Pte. Ltd In Liquidation
