1. VOLUME NO.: LLAT/ 526 OF 2012-13 DATE: 14h 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 AHD HC 143, ITA a) The word 'amount' in CBDT Instruction No 5 of 2008
means tax effect for the purpose of filing appeal before HC, it
is fair on part of Revenue to club tax effect of two appeals
relating to same year to meet the guidelines prescribed by the
CBDT - b)the sum received by the co-operative 'A' as transfer
fees from its members is not liable to be treated as its income
and hence not taxable.
1.2 2012-TIOL-439 Assessment Manekbaug Cooperative Housing Society Ltd
2.1 DEL ITAT 28, ITA Income from the sale of delivery based transactions shown as
investment in books can not be taxed as business income
merely because the shares were held for less then six months
- it is incumbent on the Revenue to bring sufficient material on
record to establish that the shares shown as investment have
been converted into stock in trade before taxing the income
as business income.
2.2 2012-TIOL-310 Busi. Inc Narendra Gehlaut
3.1 MUM ITAT 194H, ITA The payments to fall u/s 194H, a principal to agent
relationship is sine -qua-non - in the light of noscitur- a-sociis
("a word is known by the company it keeps") expression
“brokerage” used in S 194H takes its colour from the word
“commission”.
3.2 2012-TIOL-309 Commission Kotak Securities Limited
4.1 BANG ITAT 45, ITA When the possession of the land is not given as per the terms
of agreement and will be handed over to the developer only
after completion of the work, no CG will be taxed in the year
of agreement.
4.2 2012-TIOL-308 Cap. Gain M/s Jaico Automobile Engineering Co Pvt Ltd
5.1 MAD ITAT 92CA, ITA Domestic prime lending rate can be used for the purpose of
TP analysis when the 'A' has granted loan to its AE in USD
but receives interest in INR.
5.2 2012-TII-57 ALP M/s Siva Industries & Holdings Ltd
6.1 MUM ITAT 194, ITA When once at the time of original payment on behalf of the 'A',
tax has been deducted at source by a sister concern, then it is
not necessary to deduct tax at source again at the time of
reimbursement to the sister concern.
6.2 2012-TII-58 TDS M/s Vishinda Diamonds
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.
Mumbai Office- 334, Mulratna 1st Floor Narshi Natha Street Masjid (W) Mumbai 40009
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