1. VOLUME NO.: LLAT/ 516 OF 2012-13 DATE: 3rd July, 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 Trib 32, ITA A portion of reconstruction cost borne by the tenant is revenue
expenditure as he gets a space in the reconstructed building at
same rent
1.2 18 TM 367 Busi. Exp Talathi & Panthaky Associated
2.1 Ahm Trib 2(17), ITA A duly incorporated company under law of a country outside
India is to be accepted as 'company' within meaning of section
2(17) and cannot be held to be proprietorship concern of Indian
company merely because Indian company held 100 per cent
shareholding in that company
2.2 18 TM 307 Busi. Inc AIA Engineering Ltd.
3.1 Indo Trib 54F, ITA Exemption in case of investment in residential house, where “a”
claimed exemption under section 54F but till date even
possession of plot was not handed over to him, exemption was
not available.
3.2 18 TM 33 Cap Gains Pankaj Wadhwani
4.1 Del Trib 57, ITA No different treatment for the interest received and interest paid
if they spring from the same source
4.2 18 TM 182 Busi. Inc Sasan Power Ltd.
5.1 Mum Trib 2(24), ITA Displacement compensation received on reconstruction of a
building is a capital receipt and not chargeable to tax
5.2 18 TM 31 Busi. Exp Kushal K Bangia
6.1 Del Trib 69A, ITA If sale is found to be bogus, it cannot be regarded as
unexplained money and is to be reduced from total sale figure
6.2 18 TM 297 UDI J.M. Wire Inds.
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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