Legal Landmarks

1. VOLUME NO.: LLAT/747 OF 2016-17 DATE: 10 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 HYD ITAT 10(38) ITA
Exemption was to be allowed on conversionof physical form of shares in D-Mat form
and sale of those shares carried out through recognized stock exchange after paying
STT as the said transactions were to be regarded as genuine in nature.
1.2 41TM118 Exemption
Smt. Aarti Mittal
2.1 COCH ITAT 2(15) 12AA ITA
Where predominant object of trust was to promote Christian religious faith and no
educational activity within meaning of section 2(15) was carried out it was not entitled
for registration.
2.2 41TM119 Registration
Win Publication Trust
3.1 MAD HC 32 ITA
Since agreement between parties was a composite agreement A was entitled to
depreciation on intellectual property rights as well as on non compete fee.
3.2 41TM120 Depreciation
Pentasoft Technologies Ltd
4.1 GUJ HC 69A ITA
Additions for unexplained jewellery was to be deleted on the basis of concurrent
finding of fact given by both appellate authorities on appreciation of evidence.
4.2 41TM121 Unexplained money
Ashok Chandrakant Gandhi
5.1 COCH ITAT 11 2(25) 12AA ITA
Mere grant of registration would not automatically exempt entire income of A and
income had to be exempted by examining entire receipts and expenditure in light of
provisions of sections 1112 and 13.
5.2 41TM140 Charitable trusts
Al Ameen Educational Trust
6.1 CHENN ITAT 2(15) 11 ITA
Rehabilitation centres of mentally ill women etc. earned business income from
running a womens hostel the said activity being hit by proviso to section 2(15)
therefore no exemption.
6.2 41TM142 Charitable Institutions
Young Womens Christian Association of Madras