1. VOLUME NO.: LLAT/ 497 OF 2012-13 DATE: 11h June, 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 Kol ITAT 115, ITA A' as also the authorities below having erroneously allocated the
common costs to tonnage tax business and other business on
proportionate basis' instead of 'reasonable basis' disregarding
the provisions of s 115VJ, matter is remitted to the AO for
adjudication de novo in the light of the correct legal position.
1.2 144 TTJ 746 Sp. Provision Surendra Overseas Ltd.
2.1 Hyd Trib 28, ITA Non-compete consideration paid to persons associated with
transferor company is taxable u/s 28(va) and not as capital
gains.
2.2 18 TM 188 Busi. Gain B.V. Raju
3.1 Mum Trib 92, ITA Arm's Length Price (ALP) for an international transaction (s.92B)
of sale is inclusive of interest for credit period.
3.2 18 TM 303 ALP Indo American Jewellery Ltd.
4.1 Cal Trib 22, ITA Owner and occupier should be same to get exemption from tax
u/s 22.
4.2 18 TM 177 Busi. Inc Prodip Kumar Bothra
5.1 Del Trib 271, ITA CA's opinion on allowability of an expenditure in the accounts
cannot save 'a' from penalty if it is not allowable under the Act.
5.2 18 TM 244 Penalty Chadha Sugar (P.) Ltd.
6.1 SC 28, ITA The Supreme Court held that DEPB is a 'cash assistance'
receivable by 'a' and is covered under clause (iiib) of s. 28,
whereas profit on transfer of DEPB takes place on a subsequent
date when DEPB is sold by 'a' and is covered under clause.
6.2 18 TM 120 Busi. Gain Topman Experts
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
Tel -022- 23400882 • Fax-022-23420195 • E-mail: amcon.mumbai@amcount.com
Pune Office –B/5 Shardaram Park, 34, Sasson Road, Near Jehangir Hospital, Pune - 411 001
Tel-020 6401 3124 • Fax 020- 30521223•E-mail: amcon.pune@amcount.com
Gram-MATERPLAN <--> MASTERPLAY
Website:www.amcount.com