1. VOLUME NO.: LLAT/815 OF 2016-17 DATE: 29 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 BOM HC 269UD ITA
Compulsory acquisition made without determining market value of property was to
be set aside.
1.2 42TM305 Evasion of tax
Indraprastha Premises (P.) Ltd
2.1 MAD HC 28(i) 154 ITA
Exclusion of leasing income on detection of bogus lease transaction was not
allowable as actually it was a financial transaction.
2.2 63TM244 Business income
Indus Finance Corporation Ltd
3.1 MUM ITAT 92CA ITA
Transaction of allowing credit period to AE on realisation of sale proceeds is not an
independent transaction and has to be considered along with the main international
transaction of sale of goods.
3.2 ITA No 7757_2012 Tranfer Pricing
Information Systems Resource Centre Pvt. Ltd
4.1 DEL ITAT 4 ITA
Taxability would not arise on internal accruals of trust which result in reduced
disbursement of tax free govt. grants.
4.2 56TM180 Chargeability
Inland Waterways Authority of India
5.1 AP&T HC 44AD ITA
Deduction was allowable on salary and interest paid to partners even if income is
estimated by AO on basis of Net Profit.
5.2 61TM015 Deduction
Inter Continental Constructions
6.1 CHENN ITAT 9 195 ITA
Amount paid to foreign company for using leased lines situated outside India could
not be deemed as royalty.
6.2 51TM337 Deemed income
International Flavours & Fragrances (I) (P.) Ltd
