1. VOLUME NO.: LLAT/740 OF 2016-17 DATE: 2 May 2014
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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 AP HC 68 69 158BB ITA
When peak credit concept is followed there was no need to make any separate
addition particularly where A had explained sources for repayment.
1.2 40TM533 Unexplained investments
Purushottam Jhawar
2.1 P&H HC 80-IB ITA
Duty drawback incentive would not form part of profits earned for purposes of
deduction under section 80-IB.
2.2 40TM535 Deduction
Vallabh Yarns (P.) Ltd
3.1 P&H HC 143 ITA
Since primarily A had challenged section 143(1)(a) which had been affirmed
challenge to assessment order being only incidental A was relegated to avail its
alternative remedy of filing appeal in accordance with law.
3.2 40TM539 Assessment
Mahavir Spinning Mills Ltd
4.1 ALLBD HC 37(1) ITA
Accounts of A were audited and AO while disallowing expense had not pointed out to
which expenditure was of capital nature disallowance made by AO was without any
basis and same had to be deleted.
4.2 40TM543 Deduction
U.P. State Electricity Board
5.1 DEL HC 80-IA 260A ITA
SO had not raised aforesaid plea before any of authorities below it could not be
entertained at appellate stage and therefore impugned order passed by TRIB was to
be upheld.
5.2 40TM544 Appeal
Indovax (P.) Ltd
6.1 AP HC 2(47) 263 ITA
Since classification of land as agricultural land was not disputed by CIT there was no
way he could trace income of A to any other event other than one of transfer of
agricultural land therefore A was to be exempted from captial gain tax.
6.2 52TM201 Revision
A. Vijay Kumar
