1. VOLUME NO.: LLAT/1492 OF 2016-17 DATE: 4 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 MUM ITAT 9899100 STT Ch VII of Fin Act 2014
Where broker did not collect Securities Transaction Tax from investors there could
be no liability imposed on National Stock Exchange.
1.2 68TM256 STT Chapter-VII of Finance Act 2014
National Stock Exchange
2.1 MUM ITAT 271(1)(c) ITA
Since As salary was understated in her return due to mistake of online tax return
filing portal and A could not verify contents of return due to some problems penalty
for concealment was not leivable.
2.2 68TM268 Penalty
Mrs. Richa Dubey
3.1 BOM HC 254 ITA
TRIB had not considered judgement of co-ordinate Bench which makes the same as
a non-speaking order and in breach of principles of natural justice.
3.2 ITA No 2342_2013 Appellable Orders
DSP Investment Pvt. Ltd
4.1 COCH ITAT 80IB(7) ITA
Even though amount shown as other income in the books however the same
constitutes key revenue category as per ICAI Guidelines and are derived from the
business of the hotel therefore the deduction was allowable.
4.2 ITA No 240_2015 Deduction
Kumarakom Lake Resort Pvt. Ltd
5.1 JAIP ITAT 28 45 48 ITA
Since A has treated the securities as investment in all the years therefore AO is not
permitted to treat the same as business income in present year on grounds that the
holding period was very short.
5.2 ITA No 605_2013 Business Income
Mahender Kumar Bader
6.1 BOM HC 254 ITA
Failure by TRIB to grant a short adjournment resulted in passing the impugned order
in breach of the principle of natural justice.
6.2 ITA No 79_2015 Appellable Orders
Zuari Global Ltd
