Legal Landmarks

1. VOLUME NO.: LLAT/1522 OF 2016-17 DATE: 8 August 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 KOL ITAT 14A 28(i)
consider only those shares which yielded dividend income during the year for
working disallowance
1.2 71TM269 Disallowance
Teenlok Advisory Services (P) Ltd
2.1 MUM ITAT 92CA 90 14A 37(1)
Just because A does not want FTC credit he cannot exclude the income
2.2 70TM011 Transfer Pricing
Aker Powergas (P) Ltd.
3.1 KOL ITAT 9
Dividend income of Indian co. was exempt if Brazilian co. had paid taxes above 15%
before distribution of dividend
3.2 70TM022 Deemed Income
Besco Engineering & Services (P) Ltd
4.1 KOL ITAT 115JB 234B 234C 32 40A(2)
Disallowance made us 14A has to be added back to book profit to compute MAT
4.2 70TM070 MAT
Haldia Petrochemicals Ltd.
5.1 MUM ITAT 92C
Mark up fixed under MAP proceedings for 96% transactions should be applied to
remaining transactions as well
5.2 70TM228 Transfer Pricing
J.P. Morgan Services (P) Ltd
6.1 DEL ITAT 92CA
Where TPO has already held the payments to AE to be at ALP AO can not disallow
the same on ground that no services were actually rendered
6.2 2016-TII-402 Transfer pricing
YKK India Pvt Ltd