1. VOLUME NO.: LLAT/ 471 OF 2011-12 DATE: 13th 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 ALL 2(22)(e), ITA Advance on salary received by managing director : Not
assessable as deemed dividend.
1.2 337 ITR 511 Deemed Div Shyama Charan Gupta
2.1 MUM – ITAT 271B, ITA Penalty for failure to get accounts audited – 'A' following
project completion method of accounting. Advances
received from the customers could not be considered as
part of turnover.
2.2 ITA Nos. 600 Penalty Siroya Developers
3.1 MP HC 74, ITA Unstamped document – Document not duly stamped not
admissible even for collateral purpose – Stamp Act, 1899,
section 35 – Public Document – Evidence Act, Section 74
3.2 AIR 2011 MP 166 Busi.Exp Smt. Mamta Awasthy & Ors.
4.1 MP HC 68, ITA Though it is the duty of 'a' to establish the genuineness of
the credits but in the present case 'a' had duly established
the identity and source of credits. The tribunal had also
held that once the identity and source of the subscribers of
the shares are established no addition can be made.
4.2 40(I) ITCL 48 Cash Credit STL Extrusion (P) Ltd.
5.1 MUM – ITAT 2(47), ITA In view of the above, if the retirement of partner conveys
relinquishment and assignment of rights in the assets of
the firm in favour of other partners and the payment is
backed by the exercise of revaluation of assets preceding
retirement, the excess amount so received could be
subjected to tax as capital gain.
5.2 139 TTJ 663 Cap.Gain Sudhakar M Shetty
6.1 ITA NOS 179 12, ITA Rejection of an application u/s. 10(23C)(vi) cannot be a
reason to cancel registration u/s. 12A.
6.2 129 ITD 299 Ch.Trust Sunbeam English School Society
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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