The document provides a summary of recent legal landmarks related to taxation. It lists 6 cases with details including the authority, section/rules discussed, key ratio decided, and case name. Case 1 discusses estimation of profits when no incriminating material was found. Case 2 directs lifting of attachment order if the assessee provides a bank guarantee for the liability amount. Case 3 says proceedings can't be initiated under section 158BD without an authorization under section 132 in the assessee's name.

1. VOLUME NO.: LLAT/752 OF 2016-17 DATE: 16 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 145 ITA
Since AO failed to point any special circumstances for estimation of such high profit
particularly when no incriminating material was found appeal was to be dismissed in
limine.
1.2 41TM300 Accounting method
Carpet Palace
2.1 GUJ HC 222 ITA
Since A was ready to furnish a bank guarantee to extent of liability thus AO was
directed to lift attachment order over bank account and stock.
2.2 41TM301 TRO
Avenue Supermarkets Ltd
3.1 ALLBD HC 132 158BD ITA
AO could not initiate proceedings under section 158BD where authorization under
section 132 was not issued in name of A.
3.2 41TM303 Search assessment
Vishwanath Prasad Ashok Kumar Sarraf
4.1 AHD ITAT 69 ITA
Addition should be made on basis of peak credit where there is recycling of cash in
finance business.
4.2 41TM323 Undisclosed Investments
Jayesh Finance
5.1 P&H HC 45 28(i) ITA
Sale of investments made in a company to promote agro industry gave rise to capital
gains.
5.2 41TM328 Capital gains
Punjab Agro Industries Corporation Ltd
6.1 RAJ HC 127 147 ITA
Reassessment could not be initiated by AO prior to transfer of As case to his
jurisdiction.
6.2 41TM330 Reassessment
Poonam Chand Surana