This document provides a summary of recent legal landmarks related to Indian tax law. It lists 6 cases with details including the authority, section/rules of the relevant law, key ratio or legal principle from each case, citation, and name of the assessed party. For each case, a brief summary of the legal issue and ruling is given such as whether interest on loans between related parties can be deducted or if an unregistered development agreement qualifies as a taxable property transfer.

1. VOLUME NO.: LLAT/786 OF 2016-17 DATE: 25 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 MAD HC 127 ITA
A circular or a direction or an order issued by the CBDT under section 119 of the Act
cannot mitigate the powers under section 127.
1.2 52TM030 Power to transfer
C. Krishnan
2.1 P&H HC 36(1)(iii) ITA
Where there was no commercial expediency in advancing loan by A to sister concern
interest attributable to such loan was to be disallowed.
2.2 49TM021 Deduction
C. R. Auluck and Sons (P.) Ltd
3.1 MAD HC 2(47) ITA
Where owner of property executed power of attorney in favour of A without any
consideration he could not be treated as owner of property for computing capital gain
in his hands.
3.2 57TM020 Transfer
C. Sugumaran
4.1 KOL ITAT 73 263 ITA
Where A a stock broker having transactions in different segments on its own account
as well as in clients account claimed set off of loss in share trading business against
other business income its claim for set off being in contravention of Explanat
4.2 42TM357 Speculation Loss
C.D. Equisearch (P.) Ltd
5.1 P&H HC 2(47)(v) ITA
No transfer under unregistered JDA if possession is delivered to developer in his
capacity as licensee for the development of property and not in his capacity as
transferee.
5.2 59TM359 Transfer
C.S. Atwal
6.1 SC 158BC 158BD ITA
AO could record his satisfaction for issuing notice under section 158BD in the case
of person other than searched person even after the completion of assessment of
searched person.
6.2 43TM446 Search Assessment
Calcutta Knitwears