1. VOLUME NO.: LLAT/844 OF 2016-17 DATE: 1 September 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 MUM ITAT 32 43(1) 47 ITA
Depreciation on revalued asset couldnt be disallowed to successor if same was
allowed to predecessor
1.2 65TM217 Depreciation
Suyash Laboratories Ltd
2.1 GUJ HC 179 ITA
Director not liable to pay tax dues of Co. if non-recovery of taxes isnt due to gross
negligence of director
2.2 59TM174 Liability in SC
Ram Prakash Singeshwar Rungta
3.1 DEL HC 158B 158BB ITA
Disclosure of bank accounts in statement made prior to search wont be deemed as
disclosure of income
3.2 67TM102 Search assessment
Shailendra Mahto
4.1 DEL ITAT 68 ITA
Even if the issue share capital is bogus no addition can be made in As hands if
identity of shareholder is established. A is not required to show source of
shareholders funds
4.2 ITA No 2821_2009 Income from CC
Neelkanth Finbuild Ltd
5.1 DEL HC 68 64 ITA
Exchange of gifts among unknown persons held taxable u/s 68
5.2 60TM133 Income from CC
Pawan Kumar Aggarwal
6.1 BOM HC 37(1) ITA
Exp. incurred by a Co. on production of TV commercial for its products is revenue
exp.
6.2 54TM290 Deduction
Proctor & Gamble Home Products Ltd
