1. VOLUME NO.: LLAT/ 477 OF 2012-13 DATE: 25th April , 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 Del ITAT 9(1)(vii), ITA The payment received by a foreign insurance broker from
Indian Insurance Company in the process of re-insurance
risk placed with International Insurance Companies, is
taxable in India as fee for technical services under the Act
as also within the meaning of Article 13(4)(c) of the India-
UK DTAA.
1.2 2012-TII-19 DTAA GUY CARPENTER
2.1 Kar HC 43B, ITA An 'A' is duty bound to make good actual duty it has paid
on account of purchase of raw materials for producing
finished products by producing proof of payment, etc., and
in absence of such proof 'A' could not reduce said amount
from value of its closing stock
2.2 [2012] 19 taxman 52 Busi Disallowance H.P. Global Soft
3.1 Hyd ITAT 80G, ITA The grant of approval u/s 80G(5) denied on ground that
activities of trust will not be confined to India. 'A' later
rectified its object clause to confine its activities to India.
Authority can be directed to consider and decide
application afresh
3.2 [2012] 19 taxman 60 Deduction Heal-a-Child Foundation
4.1 Hyd ITAT 92C, ITA Results of loss making companies whose datas were not
comparable with data of 'A' company were rightly
excluded by CIT (Appeals) in determining average profit
margin under TNMM
4.2 [2012] 19 taxman 40 TP Knoah Solutions
5.1 Mum ITAT 115WB, ITA Expenditure which are not incurred on employees are not
covered in the category of Fringe Benefits.
5.2 2012-TIOL-127 FBT Kotak Mahindra Old Mutual Life Insurance
6.1 Chd ITAT 148, ITA Assessment/Reassessment on dead person is void ab
initio
6.2 [2012] 19 taxman 96 Reassessment Manpreet Singh Bhamra
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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