1. VOLUME NO.: LLAT/ 518 OF 2012-13 DATE: 5th July, 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 Vish Trib 37, ITA Penalty paid for infraction of traffic rules is not
deductible
1.2 18 TM 124 Busi. Exp Kranti Road Transport (P.) Ltd.
2.1 Kar Trib 12, ITA Corpus fund is not taxable even if misused by the
trust
2.2 18 TM 173 Ch. Trust Sri Durga Nimishambha Trust
3.1 Chand Trib 50, ITA Deemed consideration u/s 50C cannot be regarded
as actual consideration to justify the unexplained
investment or expenditure
3.2 18 TM 149 Unexplained Money Subash Chand
4.1 Pune Trib 12, ITA If tax is deducted on credit basis, no further
deduction if payment exceeds such credit entry due
to foreign exchange fluctuation
4.2 18 TM 22 Ch. Trust Sandvik Asia Ltd.
5.1 Bang Trib 72, ITA Profit on sale of business capital asset is not the
business income for setting-off with the business
losses
5.2 17 TM 93 Busi. Loss Nandi Steels Ltd.
6.1 Del Trib 41, ITA Unclaimed dividend written back is not taxable u/s
41(1)
6.2 18 TM 47 Busi. Inc Mohan Meakin Ltd.
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.
Mumbai Office- 334, Mulratna 1st Floor Narshi Natha Street Masjid (W) Mumbai 40009
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Tel-020 6401 3124 • Fax 020- 30521223•E-mail: amcon.pune@amcount.com
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