1. VOLUME NO.: LLAT/1498 OF 2016-17 DATE: 11 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 SC 263 ITA
Revisionary order of CIT couldnt be set aside on ground that he had made addition
on basis of issues which were not mentioned in show cause notice.
1.2 69TM170 Revision
Amitabh Bachchan
2.1 DEL HC 153A, 153C ITA
Where A stands amalgamated with another Co; it ceases to exist and all proceedings
of search u/s 132; notice and assessment u/s 153C on the A are a nullity.
2.2 ITA No 365_2013 Search Assessment
Indu Surveyors & Loss Assessors Pvt. Ltd
3.1 MUM ITAT 69 ITA
Purchases cannot be treated as non-genuine where suppliers are income-tax As and
their sales have not been treated as bogus by their AOs and payments are by
account payee cheques and other documentary evidences are available.
3.2 ITA No 5163_2013 Unexplained expenditure
Jaybharat Textiles & Real Estate Ltd
4.1 MUM ITAT 92B, 92CA ITA
Commission of 3% charged by Banks is not a benchmark to evaluate the ALP of a
corporate guarantee because corporate guarantees are not comparable to bank
guarantees and corporate gurantee can be taken at 0.5%.
4.2 ITA No 859_2014 Transfer Pricing
Thomas Cook (India) Limited
