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VOLUME NO.: LLAT/779 OF 2016-17 DATE: 17 June 2014
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
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 KAR HC 10(37) ITA
Since A was not carrying on any agricultural activity in land in question in preceding
two years prior to its sale A would not be entitled to benefit of section 10(37).
1.2 62TM345 Exemption
B. M. Muniraju
2.1 KER HC 147 ITA
Subsequent amendment and subsequent interpretation of statute by Apex Court
cannot be a reason to reopen completed assessment.
2.2 45TM384 Reassessment
B. Mohanachandran Nair
3.1 HYD ITAT 5 145 ITA
Retention amount was to be brought to tax in year in which contract was successfully
completed
3.2 47TM266 Accrual Income
B.G.R. Energy Systems Ltd
4.1 UTKD HC 44BB ITA
Interest received on refund of Income Tax is not includible in the amount on which
the A is liable taxed under Section 44BB.
4.2 60TM246 Special Income
B.J. Services Company Middle State Ltd
5.1 P&H HC 50C ITA
Objection against value adopted by DVO is meaningless when assessment is made
on basis of stamp duty value.
5.2 65TM123 Full value of consideration
B.M.J. Real Estate (P.) Ltd
6.1 KAR HC 234B 234C 115JB ITA
MAT credit should be given to A before charging of interest under sections 234B and
234C.
6.2 49TM542 MAT
B.P.L. Ltd

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779 17 june_2014

  • 1. VOLUME NO.: LLAT/779 OF 2016-17 DATE: 17 June 2014 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 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 KAR HC 10(37) ITA Since A was not carrying on any agricultural activity in land in question in preceding two years prior to its sale A would not be entitled to benefit of section 10(37). 1.2 62TM345 Exemption B. M. Muniraju 2.1 KER HC 147 ITA Subsequent amendment and subsequent interpretation of statute by Apex Court cannot be a reason to reopen completed assessment. 2.2 45TM384 Reassessment B. Mohanachandran Nair 3.1 HYD ITAT 5 145 ITA Retention amount was to be brought to tax in year in which contract was successfully completed 3.2 47TM266 Accrual Income B.G.R. Energy Systems Ltd 4.1 UTKD HC 44BB ITA Interest received on refund of Income Tax is not includible in the amount on which the A is liable taxed under Section 44BB. 4.2 60TM246 Special Income B.J. Services Company Middle State Ltd 5.1 P&H HC 50C ITA Objection against value adopted by DVO is meaningless when assessment is made on basis of stamp duty value. 5.2 65TM123 Full value of consideration B.M.J. Real Estate (P.) Ltd 6.1 KAR HC 234B 234C 115JB ITA MAT credit should be given to A before charging of interest under sections 234B and 234C. 6.2 49TM542 MAT B.P.L. Ltd