Legal Landmarks

1. VOLUME NO.: LLAT/750 OF 2016-17 DATE: 14 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 P&H HC 271(1)(c) 37(1) ITA
Penalty order could not be passed on basis of mere claim of deduction of prior period
expenses found to be unsustainable.
1.2 41TM239 Penalty
Eastman International
2.1 KAR HC 220 ITA
Recovery of tax was stayed till disposal of appeal as AO had sufficient sum
deposited by A for tax dues.
2.2 41TM243 Collection and recovery
Pragathi Gramin Bank
3.1 MUM ITAT 92C ITA
Comparables selected by TPO were not considered where A demonstrated that
turnover factor influenced operating profits of comparables.
3.2 41TM250 Transfer Pricing
NetHawk Networks India (P.) Ltd.
4.1 MAD HC 80G 132 ITA
Where copies of seized documents were not furnished to A there was violation of
principle of natural justice and consequently impungged order was set aside.
4.2 41TM261 Deduction
Sri Balaji Educational and Charitable Public Trust
5.1 MAD HC 80-IB 263 ITA
Deduction is allowable nothwithstanding A developer of property was not owner of
property.
5.2 41TM263 Deduction
Ceebros Property Development (P.) Ltd
6.1 KOL HC 37(1) 36(1)(vii) ITA
Provision was made for trade advances becoming unrealizable and P&L account
was debited in earlier year same was to be allowed when written off in subsequent
year.
6.2 41TM264 Deduction
Indian Explosives Ltd