This document provides a summary of recent legal landmarks related to taxation. It lists 6 cases from various High Courts and Tax Appellate Tribunals across India. For each case, it provides the authority, relevant section/rules of the Income Tax Act, a brief ratio or principle from the case, and case name and citation. The cases addressed a range of tax issues like what expenses need to be added to income, application of transfer pricing methods, comparable filters for transfer pricing adjustments, interest rates on loans to foreign affiliates, and questioning of payments to related parties.

1. VOLUME NO.: LLAT/854 OF 2016-17 DATE: 11 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 PUN ITAT 145A 43B ITA
Taxes collected by the A which remain unpaid have to be added to the income even
if the same are not debited to the P&L A/c and claimed as a deduction
1.2 ITA No 1806_2013 Accounting method
Munaf Ibrahim Memon
2.1 PUN ITAT 92C ITA
TNMM adopted by TPO in earlier year to be used in later years if facts remained
unchanged
2.2 63TM215 Transfer Pricing
Racold Thermo Ltd.
3.1 BANG ITAT 92C ITA
TP addition deleted as authorities failed to apply related party filter of 15% while
selecting comparable
3.2 59TM432 Transfer Pricing
Multitech Software Systems India (P.) Ltd
4.1 DEL ITAT 92C ITA
TP adjustment set aside as A was charging interest on loan granted to foreign AE on
basis of LIBOR
4.2 66TM120 Transfer Pricing
UFO Movies India Ltd
5.1 LKW ITAT 92C ITA
TP adjustment set aside as TPO didnt consider variation in closing stock while
computing cost under TNMM
5.2 59TM185 Transfer Pricing
Rahman Industries Ltd
6.1 HYD ITAT 37(1) 92CA ITA
TPO cannot question commercial expediency of payment to AE. RBI approval to a
transaction implies it is at arms length price
6.2 ITA No 549_2014 Deduction
Owens Corning Industries (India) Pvt. Ltd