Direct Tax Laws Oct 11 09

Immovable property can be legally and lawfully transferred/conveyed only by a registered deed of conveyance; transactions of the nature of 'GPA sales' or 'SA/GPA/WILL transfers' do not convey title and do not amount to transfer, nor can they be recognized as valid mode of transfer of immovable property - [2011] 14 taxmann 103 (SC)

Mere difficulty in successfully enforcing mortgage does not make debt bad - [2011] 14 taxmann 102 (MAD.)

For assessment year 2006-07 assessing, an individual, was under no obligation to deduct TDS on expenditure of advertisement - [2011] 14 taxmann 101 (KOL. - ITAT)

Where Tribunal's holding that award from TV game show that was earned prior to 1-4-2002, was not exigible to tax under section 115BB, had attained finality, same could not be assessed by Assessing Officer while giving effect to appellate order of Tribunal - [2011] 14 taxmann 100 (ORISSA)

Some case laws

2011-TIOL-313-ITAT-MUM

Trigyn Technologies Ltd Vs DCIT, Mumbai (Dated: January 28, 2011)

Income tax – Section 36(1)(iii) – Whether when the survival of the subsidiary is vital for the assessee's business, AO can even then disallow the interest paid on borrowed funds advanced to the subsidiary on interest-free basis - Assessee's appeal allowed: MUMBAI ITAT;

2011-TIOL-312-ITAT-MUM

Mrs Nandita Khosla Vs ITO, Mumbai (Dated: May 13, 2011)

Income tax – Sections 50C, 154 – Whether where the assessee objects to stamp duty valuation, the AO is required to call for the report of DVO, and even if the valuation report is received after the assessment, the value determined may be rectified u/s 154 of the Act – Whether the value adopted by DVO is to be considered as correct as the valuation done by approved valuer is based on carpet area instead of super built up area - Assessee's appeal partly allowed: MUMBAI ITAT;