This document provides a summary of recent legal landmarks related to taxation. It lists 6 cases from various High Courts in India related to sections of the Income Tax Act of 1961. For each case, it provides the section/rules addressed, a brief summary of the ratio or legal principle of the case, and the name of the assessed party. The document was sent by Anand Mehta & Co. consultants to inform a client of these recent taxation rulings.

1. VOLUME NO.: LLAT/ 509 OF 2012-13 DATE: 25th June, 2012
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Dear Client,
We have pleasure in listing below some of the recent legal landmarks.
SR. AUTHORITY SECTION / RATIO(S)
NO. CITATIONS RULES / SUBJECT CASE(NAME OF ASSESSEE)
1.1 RAJ HC 145, ITA Where buyers picks up best available stock, balance inventory can
be valued at reduced price
1.2 21 TM 493 Method of A/c Singhal Natural Stone (P.) Ltd
2.1 ALLBD HC 271, ITA Gift from family friends not to be doubted only on the ground that
the same is not received from a blood relative
2.2 21 TM 494 Penalty Km. Sonali Jain
3.1 KAR HC 147, ITA The transactions carried out by 'A'-bank were finance transactions
camouflaged as hire purchase transactions, non-disclosure of
interest component attributable to such transactions amounted to
non-disclosure of material facts fully and truly and, hence,
reopening of assessment was justified
3.2 21 TM 495 Reassessment Standard Chartered Finance Ltd
4.1 MP HC 249, ITA Amount realized by revenue from 'A's hundies seized during
search can be adjusted towards payment of admitted tax in
compliance of S 249(4)
4.2 21 TM 499 Appeal Mansukhlal
5.1 DEL HC 143, ITA The basic purpose of issuing a notice u/s 143(2) of the Act is to
give opportunity to the 'A', who has submitted his return, to
support the same by adducing the necessary evidence,
documents, etc. The provision is essentially conceived in the
interests of the 'A' and once he comes to know of the opportunity
that has been accorded to him and also takes a step towards
availing of the same, it does not lie in his mouth to turn round and
contend that there was no valid service of the notice upon him
5.2 21 TM 515 Assessment Vision Inc
6.1 DEL HC 48, ITA No enquiry having been made by AO at assessment stage
regarding understatement of sale consideration by 'A', he was not
justified in estimating sale consideration on basis of rent
capitalization method
6.2 21 TM 526 Mode of Arens Developers & Engg
Computation
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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