Falcon Invoice Discounting: Unlock Your Business Potential
LL 488
1. VOLUME NO.: LLAT/ 488 OF 2011-12 DATE: 15th May, 2012
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 ITAT 70, ITA Short term capital loss arising from STT transactions can be set
off against short term CG arising from non STT transactions.
1.2 TIOL-218 Busi. Loss DWS India Equity Fund
2.1 Del HC 37, ITA On the assignment of the insurance policy to the “a”, changes its
character from Keyman insurance to an ordinary policy. It is
because of the reason that if it remains Keyman insurance
policy, then the maturity value received is subjected to tax. On
the other hand, if it had become ordinary policy, the premium
received under this policy would not be subjected to tax.
2.2 TIOL-321 Busi. Exp Rajan Nanda
3.1 Del HC 28, ITA There may be integregrum(sic) between setting up of business
and date of commercial commencement of business, but under
the ITA, all the expenses incurred after the date of setting up of
business are to be allowed as a deduction while computing the
income.
3.2 TIOL-329 Busi. Inc Sauer Danfoss
4.1 Mum HC 11, ITA It is the dominant nature of the purpose for which the trust exists
that has to be borne in mind and if that is found to be
philanthropic, any other object merely ancillary or incidental to
the primary or dominant purpose would not detract from the true
nature or character of the trust.
4.2 TIOL-327 Ch. Trust Baun Foundation Trust
5.1 DEL HC 2(22), ITA Fact that shareholders of 'A'-company were also shareholders of
company which had given 'loan/advances' is not suffice and
does not meet the requirement of S 2(22)(e)
5.2 21 TM 65 Deemed Div Gopal Clothing
6.1 DEL HC 147, ITA Where AO had reopened assessment of 'A' on plea that it had
introduced its own unaccounted money in its bank which had
escaped assessment, Tribunal was wrong in setting aside
reassessment proceedings on ground that AO had failed to state
that 'A' had not made true and full disclosure of all material facts
necessary for assessment.
6.2 21 TM 69 Reassessment India Terminal Connector System
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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