1. VOLUME NO.: LLAT/781 OF 2016-17 DATE: 19 June 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 KOL HC 271(1)(c) 37(1) ITA
Penalty was leivable on additional income declared in revised return pursuant to
search.
1.2 64TM091 Penalty
Balarampur Chini Mills Ltd
2.1 ALLBD HC 245 ITA
Dues of firm in which A is a partner cannot be recovered/set off against refund due to
him in his personal capacity.
2.2 51TM278 Refunds
Baljeet Singh Bakshi
3.1 KOL HC 73 ITA
Share broker was entitled to set off loss incurred in transactions of derivatives and
day trading of shares against its profits and gains from purchase and sale of shares
on delivery basis.
3.2 44TM481 Set-off and carry forward
Baljit Securities (P.) Ltd
4.1 GUJ HC 36(1)(iii) ITA
Interest on borrowed fund which was advanced by builder to housing society and
recoverable later on from purchasers of flats would be allowable.
4.2 56TM177 Deduction
Baroda Properties (P.) Ltd
5.1 GUJ HC 220 ITA
Recovery of tax is stayed on its partial deposit on reasoning that Excise Act grants
stay on similar conditions.
5.2 49TM124 Collection and Recovery
Belgium Glass & Ceramics (P.) Ltd
6.1 BOM HC 2(47) ITA
Where developer took possession of As land and started development work said
transaction was to be treated as transfer of right in property covered under section
2(47)(v).
6.2 53TM522 Capital gain
Bertha T. Almeida
