This document provides a summary of recent legal landmarks in India. It lists 8 cases from various High Courts and Income Tax Appellate Tribunals across India. Each case provides the section or rule of law, a brief description of the ratio or key legal principle established, and the name of the assessed party. The document was sent by Anand Mehta & Co. consultants to provide a client with an update on recent taxation case law developments.

1. VOLUME NO.: LLAT/ 452 OF 2011-12 DATE: 31st January, 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 Kar – HC 115JB, ITA The debt is an amount receivable by the “a” and not any liability
payable by the “a” and, therefore, any provision made towards
ir-recoverability of the debt cannot be said to be a provision for
liability.
1.2 17 TM 15 Sp. Provision Yokogawa India
2.1 Bang – ITAT 92C, ITA When there are two prices determined by most appropriate
method, first step is to take arithmetical mean of such prices as
arm's length range and only after arriving at arithmetical mean
of two prices, adjustment of ± 5 per cent can be done.
2.2 17 TM 16 ALP SAP Labs India
3.1 Raj – ITAT 234A, ITA Cash seized during course of search can be adjusted against
taxes due including advance-tax for the purpose of computation
of interest.
3.2 17 TM 23 Interest Shri Ram S. Sarda
4.1 Ahd - ITAT 271, ITA A' was accepting deposit in large number from public and it
failed to produce some of depositors to prove genuineness and
creditworthiness, it might be valid point for making addition u/s
68 but it could not lead to levy of penalty u/s 271(1)(c).
4.2 17 TM 25 Penalty Manish Organics India
5.1 Kar – HC 10A, ITA While computing relief u/s 10A, expenditure incurred by 'A'
should be excluded from total turnover if same is reduced from
export turnover.
5.2 17 TM 27 Busi. Inc Sitel Operating Corporation India
6.1 Pun – ITAT 253, ITA Direct stay application filed before Tribunal is maintainable and
it is not requirement of law that 'A' should necessarily approach
Commissioner before approaching Tribunal for grant of stay
6.2 17 TM 28 Appeal Honeywell Automation India
Contd..
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2. VOLUME NO.: LLAT/ 452 OF 2011-12 DATE: 31st January, 2012
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SR. AUTHORITY SECTION / RULES / RATIO(S)
NO. CITATIONS SUBJECT CASE(NAME OF ASSESSEE)
7.1 JP – ITAT 142, ITA In case the 'a' has not furnished return within the time allowed
under the notice issued under section 142(1)(i), he was having a
right to file the return within one year from the end of the
relevant AY. Therefore, the return filed by the 'a' cannot be
treated as invalid or non est. It is a valid return as per the
provisions of section 139(4).
7.2 17 TM 37 Inquiry Madan Singh Kangarot
8.1 Mad – HC 80HHC, ITA 90 per cent of the interest that is deductible for the claim under
Section 80HHC of the Act is from the gross interest received by
the 'a' and that the amount of interest paid by the 'a' should not
be deducted from there.
8.2 17 TM 39 Deduction Veejay Marketing
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
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