1. VOLUME NO.: LLAT/798 OF 2016-17 DATE: 9 July 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 DEL HC 9 ITA
Payment made by a race club for live telecast of horse races is not in the nature of
royalty TDS was not required to be deducted.
1.2 51TM550 Deemed income
Delhi Race Club (1940) Ltd
2.1 KAR HC 145 145A 147 ITA
Accounting system rejected by AO in subsequent year cannot be a reason for
reopening an already concluded assessment.
2.2 64TM068 Accounting method
Dell India (P.) Ltd
3.1 BOM HC 254 ITA
Where A had already paid full tax amount and also certain amount of penalty
Tribunal ought not to have required it to deposit a further sum as a condition for stay.
3.2 45TM195 Rectification
Deloittee Consulting India (P.) Ltd
4.1 AMRT ITAT 144 143 ITA
Where notice u/ss 142(1) and 143(2) was not complied the same would invite best
judgment assessment and not scrutiny assessment.
4.2 60TM447 Assessment
Des Raj Nagpal
5.1 BOM HC 36(1)(vii) ITA
Where A could not recover amount advanced to associate company on account of
security scam AO was not justified in rejecting As claim for write off of said amount
under section 36(1)(vii) taking a view that loan was not given in ordinary course of bu
5.2 48TM323 Deduction
Deutche Bank A.G
6.1 SC 45 28(i) ITA
Since A made investment in shares with an objective of capital appreciation having
infrequent-handful of transactions and also earned dividend profit from sale/purchase
of shares was to be treated as capital gain.
6.2 53TM219 Capital gain
Devasan Investment (P.) Ltd
