This document provides a summary of recent legal landmarks and rulings across various sections of the Indian Income Tax Act. It lists 6 key rulings related to topics such as capital gains tax, tax deductions, transfer pricing adjustments, and disallowance of business expenses. For each ruling, it provides the section/rules of the ITA, ratios from relevant case names, and citation details. The document was sent by Anand Mehta & Co. consultants to inform a client about recent changes and clarifications in tax law.

1. VOLUME NO.: LLAT/ 478 OF 2012-13 DATE: 30th April, 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 Mad HC 43(5), ITA When the bank purchases non-convertible debentures at
discount and there is actual delivery, the loss resulting from
such transactions is speculative loss u/s 43(5) and not capital
loss - non-convertible debentures are neither commodity nor
shares or stocks.
1.2 2012-TIOL-163 Specu. Loss New Ambadi Estates
2.1 JP ITAT 54EC, ITA Max S 54EC exemption is Rs. 50 lakhs even if invested in two
financial year
2.2 19 taxman 27 Cap. Gain Raj Kumar Jain & Sons (HUF)
3.1 Mum ITAT 10A(7), ITA No transfer pricing adjustments were made by TPO would
show that the domestic transactions between sister concerns
did not result in transfer of profits- provisions of S 80I(8) are
applicable to transfer of goods alone and not to services
3.2 2012-TII-22 Sp. Provision Sanghvi Jewellary
4.1 Allbd HC 26, ITA It is not necessary to deduct tax u/s 194-I when the co-owners
have a definite share in the building and the amount received
by each co-owner is less than Rs 1,20,000.
4.2 2012-TIOL-175 TDS Senior Manager, SBI
5.1 Kol ITAT 40(a)(ia), ITA When the 'A' raises a composite bill to its clients for providing
legal services and claims reimbursement of expenses of
lawyers hired, deduction u/s 194J is to be made only if 'A'
claims such expenses as expenditure.
5.2 2012-TIOL-142 Busi. Exp Sharma Kajaria & Co
6.1 Ahd ITAT 40A(3), ITA Amount paid in cash exceeding the limits of the S 40A(3)
warrants disallowance if the case does not fall under the
exception of rule 6DD - additional evidences which prove the
claim of the 'A' deserve admission.
6.2 2012-TIOL-141 Busi. Exp Transpek Industry
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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