1. VOLUME NO.: LLAT/ 470 OF 2011-12 DATE: 12th March, 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 Chen ITAT 80-IB, ITA Section 80-IB(10) of the Income-tax Act, 1961 – Once flats
were sold separately and two flat owners themselves
combined separate flats whereby the total area exceeded
1,500 sq.ft., deduction u/s.80-IB(10) cannot be denied to the
'a'-developer on this ground.
1.2 141 TTJ 1 Deduction Sanghvi & Doshi Enterprise
2.1 DEL HC 2h, CEA Mandap-keeper – Segregation of food charges from banquet
hall charges – Exemption on food claimed under Notification
No. 12/2003 – Catering service incidental to mandap-keeping
therefore deduction of food charges cannot be considered to
be sale of goods and therefore not deductible under
Notification 12/03.
2.2 24 STR 177 Cent Excise Sayaji Hotels Ltd.
3.1 And ITAT 36, ITA (a) Section 40(b) r.w.s. 36(1)(iii) and 14A of the Income-tax
Act, 1961 – The section for allowing deduction of interest is
section 36(1)(iii) and, therefore, payment of interest to
partners is also an expenditure only and same is also hit by
provisions of section 14A if it is found that the same has been
incurred for earning exempt income. (b) Section 28(v) of the
Income-tax Act, 1961 – Proviso to section 28(v) comes into
play only if there is some disallowance in hands of firm under
clause (b) of section 40 and it is not applicable in case of
disallowance made u/s. 14A.
3.2 47 SOT 121 47 SOT 121 Shankar Chemical Works
4.1 MUM – ITAT 234B, ITA Cash seized of Rs. 18 lakh and Rs. 1.98 crore deposited by
'a' on 31-1-2007 could be adjusted against advance tax
liability for computing interest u/s .234B and 234C.
4.2 ITA No 3741 2010 Interest Shri Jyotindra B. Mody
5.1 MUM – ITAT 11BB, CE Service tax paid in anticipation of services to be received
from India, permission sought from RBI was rejected. Claim
for refund along with interest filed. The Revenue rejected the
refund for want of adequate documents, interest also was
denied. Held that if requisite conditions fulfilled, 'a' was
entitled to interest in addition to refund of tax.
5.2 24 STR 17 SET Shroff United Chemicals 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.
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