The Active Management Value Ratio: The New Science of Benchmarking Investment...
762 28 may_2014
1. VOLUME NO.: LLAT/762 OF 2016-17 DATE: 28 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 AAR 2(47)(ii) ITA
Cost of acquisition of surrender of right to sue cannot be determined and the
computation provisions failed and capital gains cannot be calculated and hence
cannot be taxed as capital gains u/s 45 nor can it be taxed as income from other
sources.
1.2 65TM246 Capital asset
Aberdeen Claims Administration Inc
2.1 DEL HC 28 ITA
A had subscribed to NCDs as a matter of commercial expediency for making right
issue successful which was in business interest of JISCO as well as A application
money in question forgone by A was to be allowed as business loss.
2.2 55TM362 Business income
Abhinandan Investment Ltd
3.1 KOL ITAT 92C ITA
Comparables selected by TPO were improper as one comparable was rendering
voice based BPO services whereas A had non voice based BPO services therefore
addition was to be set aside.
3.2 59TM332 Transfer Pricing
Acclaris Business Solutions (P.) Ltd
4.1 KAR HC 80-IB ITA
Where a small scale industry makes further investments in business which made it
outside purview of definition of a small scale industry that does not come in way of its
claiming benefit under section 80-IB for 10 consecutive years.
4.2 49TM168 Deduction
Ace Multi Axes Systems Ltd
5.1 DEL HC 28(i) 45 ITA
Income from share transactions could not be held as business income as against
claim as capital gains without considering period of holding to shares number of
transactions and criteria laid down in Circular No. 4 of 2007.
5.2 54TM074 Business income
Acee Enterprises
6.1 DEL ITAT 37(1) ITA
Expenditure was allowable as revenue expenditure when it was incurred on
upgradation improvement removal of glitches of existing or already developed
software to improve its product.
6.2 42TM464 Deduction
ACL Wireless Ltd.