This document provides a summary of recent legal landmarks in 6 sections. Each section includes the authority citation, relevant section or rule, a brief summary of the legal ratio, and a reference case. Key ratios summarized include: the limitation period for assessment in search cases runs from the conclusion of the search, not a later date; capital gains tax applies to property transferred to a partner upon firm dissolution; and income from share transactions held for less than 12 months is considered short-term capital gains. The document is from a legal consultancy firm and offers additional information on the cases.

1. VOLUME NO.: LLAT/ 532 OF 2012-13 DATE: 21st 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 JODH ITAT 158BE, ITA Limitation for assessment in search cases is to be reckoned
from the earlier panchnama showing conclusion of search
and not a later date panchnama not recording conclusion of
search
1.2 22 TM 122 Block Assessment Shree Ram Lime Products Ltd
2.1 CHENN ITAT 45, ITA CG on transfer of property, given to a partner on dissolution
of firm, is taxable in the hands of that partner only
2.2 22 TM 128 Cap. Gain South India Pulverising Mills
3.1 DEL HC 45, ITA Where A' held shares from seven to eleven months, earned
dividend and entered into a few transactions of sale of such
shares during relevant year even though he held a huge
number of shares, income arising from sale of shares would
be taxable as short-term CG
3.2 22 TM 151 Cap. Gain Vinay Mittal
4.1 DEL ITAT 2(47), ITA Where land was transferred and a part of sale consideration
was received during current year while balance was kept in
escrow account and only registration of sale deed took
place in a subsequent year, it was to be held that transfer
took place under in current year
4.2 22 TM 152 Transfer Whirlpool of India Ltd
5.1 CHD ITAT 80G, ITA In view of omission of proviso to S 80G(5)(vi), once
approval is granted to 'A', same will continue unless and
until it is withdrawn by concerned authority in accordance
with law
5.2 22 TM 153 Deduction Bhole Bhandari Charitable Trust
6.1 KAR HC 206AA, ITA No TDS at 20% u/s 206AA if PAN is not furnished and
income is below taxable limit
6.2 22 TM 157 TDS Smt. A. Kowsalya Bai
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
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