Legal Risks and Compliance Considerations for Cryptocurrency Exchanges in India
829 14 aug_2014
1. VOLUME NO.: LLAT/829 OF 2016-17 DATE: 14 August 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 LKW ITAT 80-IB ITA
Scrutiny assessment was invalid as case was picked up for scrutiny beyond period
prescribed by CBDTs instruction
1.2 52TM067 Deduction
Vishal Madnani
2.1 BANG ITAT 80P ITA
ALP of royalty paid for know-how had to be determined separately couldnt be mixed
with other transactions
2.2 52TM171 Deduction
Toyota Kirloskar Auto Parts (P.) Ltd
3.1 CHENN ITAT 80-IC ITA
Forex loss couldnt be considered while computing ALP of purchases if sale/purchase
wasnt at pre-determined rates
3.2 52TM160 Deduction
NSK India Sales Co. (P.) Ltd
4.1 PUN ITAT 2(47) ITA
Sum received from letting out an office space with facilities of cafeteria and
conference room was business income
4.2 47TM330 Cap. Gain
Surya Incubation Clusters (P.) Ltd
5.1 GUJ HC 10B ITA
TRO cant prohibit transfer of a property unless NOC has been obtained from AO by
fraud or misrepresentation
5.2 45TM280 Deemed Inc
Vikramsinh Jilubha Vala
6.1 AGR ITAT 2(15) ITA
Interest on loan taken against FDRs held allowable as it was incurred exclusively to
keep intact income from FDRs
6.2 47TM088 Cap. Gain
Raj Kumari Agarwal