1. VOLUME NO.: LLAT/ 513 OF 2012-13 DATE: 29th 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 AHD ITAT 271, ITA Concealment penalty not leviable if additions are made on
estimation basis
1.2 22 TM 16 Penalty Vikram Plastics
2.1 ALLBD HC 263, ITA If vast difference between valuation done by DVO and that
done by approved valuer was not taken note of, assessment
order would be erroneous.
2.2 22 TM 23 Revision Kamala Prasad Seth
3.1 RAJ HC 7, RIPS Notifications should be descriptive, if not, it can't be allowed to
become missile attacks. (The reference is to Rajasthan
Investment Promotion Scheme, 2003). The "A" shall continue to
receive benefit of rebate/subsidy
3.2 22 TM 25 Subsidy Shree Cement Ltd.
4.1 DEL HC 148, ITA When there was time available to the assessing officer to issue
notice u/s 143(2) but no such notice is issued, the notice issued
u/s 147 / 148 for reassessment is a valid notice.
4.2 12-TIOL-414 Reassessment Acorus Unitech Wireless Pvt Ltd & Anr
5.1 BANG ITAT 37, ITA When there is no obligation on the 'A' to pay interest on the
deposits kept with it, the interest paid to the security depositor
for his default cannot be allowed as business expenditure.
5.2 12-TIOL-289 Busi. Exp M/s Hutchinson & Co (India) Pvt Ltd
6.1 DEL HC 42, ITA In the absence of a reference to S 42 in the production sharing
contract, the 'A' could not be given the benefit of the same.
6.2 2012-TII-24 Sp. Provision Joshi Technologies International Inc
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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