1. VOLUME NO.: LLAT/1487 OF 2016-17 DATE: 28 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 MUM ITAT 2(42A) ITA
Period of holding would commence from date when A became owner of property by
virtue of family arrangement and not from date when his grandmother expired.
1.2 68TM090 Definition
Nitul B. Shah
2.1 MAD HC 36(1)(iii) ITA
Interest on loans advanced by A to its sister concerns could not be disallowed on the
ground that the lending was for non business purposes where A and its sister
concern were in the same business.
2.2 68TM092 Deduction
Industrial Feeders
3.1 MAD HC 194-I 201(1-A) ITA
Upfront payment made by A for acquisition of leasehold rights for duration of 99
years could not be taken to constitute rental income at the hands of the lessor and
hence A not obliged to deduct TDS u/s 194-I.
3.2 68TM095 TDS
Foxconn India Developer (P.) Ltd
4.1 MUM ITAT 2(14) 2(47) ITA
Where A claimed short term capital loss on transaction of sale of book debt the loss
should be allowed as advance or debt is a capital asset.
4.2 68TM113 Definition
Siemens Nixdorf Informationssysteme GmbH
5.1 DEL HC 10(15) ITA
Order of CBDT rejecting refund of TDS deducted on penal interest treating it
non-exempt under section 10(15)(iv)(c) considering it as a result of
violation/transgression of the loan agreement was unsustainable in law.
5.2 68TM114 Definition
CEAT Ltd
6.1 BANG ITAT 45 ITA
Investment made by bank to maintain SLR requirement of Reserve Bank of India had
to be treated as stock-in-trade for income-tax purposes even though the same was
shown as an investment in books of account.
6.2 68TM128 Capital gains
Canara Bank
