1. VOLUME NO.: LLAT/1503 OF 2016-17 DATE: 16 July 2016
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Dear Client,
We have pleasure in listing below some of the recent legal landmarks.
SrNo Authority Section/Rules RATIO(S)
Citation /Subject CASE(NAME OF ASSESSEE)
1.1 BOM HC 5 263 37(1)
No tax on full receipts of seller when part payment had to be refunded on failure to
meet obligations on sale of land
1.2 71TM065 Accrual Income
Gera Developments (P.) Ltd
2.1 MUM ITAT 30 32 37(1)
Exp. incurred on interior designing of leasehold premises is deductible as revenue
exp
2.2 71TM079 Deduction
Peri (India) (P.) Ltd
3.1 MUM ITAT 14A
A has to prove that no exp. incurred on exempt income
3.2 71TM084 Disallowance
Asha Lalit Kanodia
4.1 MUM ITAT 9
Capital gain on sale of property situated in Sri Lanka is taxable only in Sri Lanka
4.2 71TM120 Deemed income
Mrs. Shalini Seekond
5.1 DEL ITAT 14A
No S 14A disallowance when there is no exempt income during the year
5.2 71TM091 Disallowance
Ms. Amita Verma
6.1 BOM HC 2(42A) 45 48
In order to determine long term capital gain asset can not be considered to be held
from the date of an agreement to purchase property because it merely creates a right
to seek specific performance which is not same as to say that the asset was held
6.2 ITA No 75_2001 Cap. Gains
Bindiya H. Malkani
