1. VOLUME NO.: LLAT/1490 OF 2016-17 DATE: 1 July 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 DEL ITAT 10(34) 115-O 115U ITA
Since company with which VCF was invested had paid additional income-tax VCF
itself was not required to pay tax second time and therefore As claim of exemption
on its share of dividend income was to be allowed.
1.2 68TM098 Tax on distributed profits
Japan International Cooperation Agency
2.1 KAR HC 4 2(24) ITA
A-society which ran a business enterprise was duty bound to offer its profits to tax
before diverting any funds to Distributable Pool Fund Account.
2.2 68TM149 Chargeability of income
Nagarbail Salt-owners Co-operative Society Ltd
3.1 AHD ITAT 2(22) ITA
Receipt of loan from a company by A and he failed to prove that advances were
given to him as consideration for personal guarantees amount received by A would
be treated as deemed dividend.
3.2 68TM151 Definition
Dipesh Lalchand Shah
4.1 GUJ HC 40A(2) ITA
Where interest paid by A to persons covered under section 40A(2)(b) was
commensurate with interest rate prevailing in open market said payment was to be
allowed.
4.2 68TM153 Disallowance
Cama Hotels Ltd
5.1 MUM ITAT 45 22 ITA
One time premium on allotment of tenancy rights perpetually to tenants is chargeable
to tax as capital gain and not as income from house property.
5.2 68TM161 House property income
Sujaysingh P. Bobade (HUF)
6.1 MUM ITAT 37(1) ITA
Where A incurred expenditure in acquired leased premises to achieve its functional
utility it would be regarded as part of set-up cost and treated as capital expenditure.
6.2 68TM162 Deduction
Alpha Plus Technologies (P.) Ltd
