This document provides a summary of recent legal landmarks related to taxation in India. It lists 6 cases with details of the authority, section/rules of the Indian Income Tax Act involved, key ratio decided, case name and citation. The cases relate to topics like deduction under section 80-IB, block assessment, penalty for non-filing of audit form, computation of capital gains, deduction for feasibility study expenditure, and tax collection at source on sale of imported goods.

1. VOLUME NO.: LLAT/804 OF 2016-17 DATE: 16 July 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 COCH ITAT 80-IB 80-IA ITA
For the purpose of deduction under section 80-IB initial AY would being when hotel
starts functioning and not when approval is granted to it.
1.2 54TM197 Deduction
Escapade Resorts (P.) Ltd
2.1 BOM HC 150 32 147 ITA
TRIB refusal to admit a claim in block assessment would not invite section 150 to
re-open assessment beyond time-limit.
2.2 54TM022 Search Assessment
Eskay Kn IT (India) Ltd
3.1 MUM ITAT 271B 44AB ITA
Penalty was not leivable on non-filing of Form 3CA when A had filed audit report
under Companies Act.
3.2 48TM292 Penalty
Esque Finmark (P.) Ltd
4.1 BANG ITAT 2(47) 45 269UA 147 48 ITA
For the purpose of computation of capital gains under JDA construction cost
recorded by builder in its books can not be used.
4.2 67TM147 Capital gain
Essae Teraoka Ltd
5.1 DEL HC 37(1) ITA
Amount incurred to study feasibility of a new venture was capital in nature even if it
could not materialized.
5.2 45TM173 Deduction
Euro India Ltd
6.1 KER HC 206C 44AC ITA
TCS is to be collected on sale of imported timber to dealers.
6.2 55TM480 TDS
Excel Timber (P.) Ltd