1. VOLUME NO.: LLAT/ 459 OF 2011-12 DATE: 27th February, 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 Mum ITAT 194H, ITA When the hedging transactions of commodities are in the
nature of derivatives transactions, any TDS obligation arises
on brokerage charges paid.
1.2 2012-TIOL-65 Commission Tanna Agro Impex
2.1 Mum ITAT 80IA, ITA Deduction u/s 80IA would be allowable for provision of E-
tendering services.
2.2 2012-TIOL-67 Deduction Millennium Telecom
3.1 Mum ITAT 271, ITA The amount which was neither added nor disallowed in
computing the total income of the 'A' can be treated as the
income in respect of which particulars have been concealed
for the purpose of computing penalty.
3.2 2012-TIOL-68 Penalty Metropolis Health Services (India)
4.1 Hyd ITAT 271, ITA While scrutinizing the issue of limitation vis-à-vis passing of
an order of penalty the date on which the order is passed is
relevant or the date on which the order is received by the 'A'
is relevant. Mere delay in service of an order would make it
belated – immunity is restricted to the return filed on due date
and not available to the returns filed after search disclosing
additional income.
4.2 2012-TIOL-71 Penalty Shabbir T Chass
5.1 Del ITAT 45 , ITA Where under Portfolio Management Scheme, there was
frequent trading of huge quantity of shares to maximize profit,
profits arising from sale/purchase of shares would be
business profit.
5.2 18 TM 20 Cap. Gain Radials International
6.1 Del HC 201, ITA Proviso to S 201(1) is to be applied only to negate possibility
of imposition of penalty u/s 221 and it would not absolve an
'A' from being considered as an 'A' in default.
6.2 18 TM 21 Busi. Loss American Express Bank
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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