1. VOLUME NO.: LLAT/ 506 OF 2012-13 DATE: 21st June, 2012
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Dear Client,
We have pleasure in listing below some of the recent legal landmarks.
SR. AUTHORITY SECTION / RULES / RATIO(S)
NO. CITATIONS SUBJECT CASE(NAME OF ASSESSEE)
1.1 DEL HC 9, ITA Payment made to a non-resident for obtaining a cerrtification of
goods for export to foreign market is covered by the exceptions to
S 9(1)(viib) and can be said to be utilised by the 'A' in a business
or profession carried on outside India or for the purpose of making
or earning any income from any source outside India, such
payments can be considered as fees for included services under
the India-USA DTAA.
1.2 2012-TII-22 DTAA Havells India Ltd
2.1 DEL ITAT 9, ITA Before insertion of S 40(a)(ia) disallowing payments without
deduction of tax at source in the hands of the residents also for
resident payees, the earlier provision covering only non-resident
payees was not permitted because of non-discrimination clause in
the DTAA
2.2 2012-TII-54 DTAA M/s Incent Tours Pvt Ltd
3.1 MAD ITAT 92CA, ITA The operating profit reported by the “a” is higher than the profit
worked out on the basis of ALP. The TPO, therefore, concluded
that no TP adjustment is called for in the present case. The matter
ends there as far as TP assessment is concerned. The AO can not
use this information for the regular working of income outside the
TP regime.
3.2 2012-TII-55 ALP M/s Visual Graphics Computing Services (India) Pvt Ltd
4.1 KOL ITAT 54EC, ITA When the 'A' receives payments on sale of property in parts, the
piecemeal deposits of the same under CG's scheme disentitles the
'A' from S 54EC benefits. It is necessary for the 'A' to make deposit
of the entire sale consideration at one time under the scheme - the
period of six months for making deposits is to be counted from the
date of sale receipts or the date of agreement.
4.2 12-TIOL-268 Cap. Gain Chanchal Kumar Sircar
5.1 MUM ITAT 14A, ITA Lease premiums paid in relation to a lease having period of eighty
years can be amortized and claimed.
5.2 12-TIOL-269 Busi. Exp M/s Small Industries Development Bank Of India
6.1 DEL ITAT 32, ITA When the 'A' has received 50% of the sale proceeds of land, and
the rest sum, kept in the escrow account, to be paid on final
transfer but interest of the same being received by the 'A' on
monthly basis and the State Govt agreeing to release the land out
of its acquisition notice, such deal amounts to effective transfer
and the consideration is liable to capital gains tax.
6.2 12-TIOL-273 Depreciation Whirlpool Of India Limited
Please let us know if you need any further information on these.
Thanking you and assuring you of our best services at all times.
Yours Faithfully,
For Anand Mehta & Co .,
(CONSULTANTS) PVT. LTD.
Anand V. Mehta
DIRECTOR
A mind of a consultant with a heart of a friend.
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