This document provides a summary of recent legal landmarks across various authorities and courts in India. It lists 6 cases covering topics like: 1. Interest deduction on a loan from a State Government. 2. Dismissal of a rectification application where there was no obvious error in a tribunal's order. 3. Investment allowance and whether a company is obligated to create reserves when profits are nil.

1. VOLUME NO.: LLAT/744 OF 2016-17 DATE: 7 May 2014
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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 ALLBD HC 36(1)(iii) ITA
Interest payable on loan advanced by State Government was debited in books of
account but no interest was ever paid by A a was entitled for deduction under section
36(1)(iii)
1.2 41TM031 Deduction
U.P. State Agro Industrial Corp. Ltd
2.1 MUM ITAT 254 ITA
Where there was no obvious or patent error in TRIBs order instant rectification
application was to be dismissed.
2.2 41TM033 Appealable Orders
Willis Processing Services India (P.) Ltd
3.1 ALLBD HC 32A ITA
A is not under obligation to create where profit is nil as the same may be created in
subsequent year of profit.
3.2 41TM035 Investment Allowance
Kisan Sahkari Chini Mills Ltd
4.1 MUM ITAT 9 195 ITA
Where entire services of providing technical design and drawings were rendered
outside India same would not be chargeable to tax in India ignoring retro amendment
to section 9.
4.2 41TM036 Deemed income
New Bombay Park Hotel (P.) Ltd
5.1 COCH ITAT 50 32 ITA
Loss arising from sale of depreciable asset would always be short-term capital gain
or loss if block does not exist.
5.2 41TM047 Capital gain
Santhosh Hospital
6.1 KAR HC 113 158BFA ITA
Liability of tax should not be reduced by seized amount before levying interest.
6.2 41TM052 Search Assessment
J.P. Narayanaswamy