1. VOLUME NO.: LLAT/ 504 OF 2012-13 DATE: 19th June, 2012
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Dear Client,
We have pleasure in listing below some of the recent legal landmarks.
SR. AUTHORITY SECTION / RULES RATIO(S)
NO. CITATIONS / SUBJECT CASE(NAME OF ASSESSEE)
1.1 MUM ITAT 45, ITA A' was regularly purchasing and selling shares in more than 50
scrips and dividend income was quite negligible, profit earned
formed business income
1.2 21 TM 319 Cap. Gain Tarun Amarchand Jain
2.1 BANG ITAT 37, ITA Even if the application software has a life-span of two years, the
costs incurred on its purchase are to be treated as revenue
expenditure.
2.2 12 TIOL-251 Busi. Exp Infosys BPO
3.1 MAD ITAT 45, ITA When the 'A' fails to prove purchase of seeds and other inputs
like fertilizers and pesticides, the agricultural land cannot be
treated as agricultural. When Tehsildar's record and also wealth
tax returns filed in the past prove that land is agricultural,
Revenue can tax capital gains on sale of such land.
3.2 2012-TIOL-254 Cap. Gain Sayarchand Nahar
4.1 MAD HC 37, ITA When the liability admitted is of reasonable certainty but the
actual quantification might take place next year, deduction can
be allowed even in such case.
4.2 2012-TIOL-381 Deduction Bojraj Textiles Mills Ltd
5.1 DEL HC 147, ITA Characterising one and same income differently at time of
reopening than that at time of assessment, amounts to change
of opinion barring re-opening
5.2 21 TM 320 Reassessment Ritu Investments
6.1 DEL ITAT 271, ITA “a” surrenders an amount with a condition that no penal action
shall be taken, to avoid further litigation and to buy peace, no
penalty under section 271(1)(c) can be imposed
6.2 21 TM 323 Penalty Rakesh Kumar Gupta
Please let us know if you need any further information on these.
Thanking you and assuring you of our best services at all times.
Yours Faithfully,
For Anand Mehta & Co .,
(CONSULTANTS) PVT. LTD.
Anand V. Mehta
DIRECTOR
A mind of a consultant with a heart of a friend.
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