Romancing the Taxation... New case law

Lease premium paid for acquiring leasehold land for a period of 60 years did not fall within meaning of 'rent' under section 194-I and, therefore, assessee was not liable to deduct tax at source while making said payment
ITO(TDS) V. NAVI MUMBAI SEZ (P.) LTD (2013)

Romancing New case Law.... CIT vs Riyaz A sheikh

Romancing The Taxation...
Sec.45-The amount received by the assessee  on retirement from partnership firm is not subject to capital gain.

Romancing the Taxation.. New case law on MAT -CIT vs. Tulsyan NEC

Sec. 115JAA : Book Profit - MAT Credit to be set off before computing Advance Tax shortfall and liability for sections 234B, 234C - Interest

The scheme of section 115JA(1) and 115JAA shows that right to set-off the tax credit follows as a matter of course once the conditions of section 115JAA are fulfilled. The grant of credit is not dependent upon determination by the Assessing Officer except that the ultimate amount of tax credit to be allowed depends upon the determination of total income for the first assessment year. Accordingly, the assessee is entitled to take into account the set off while estimating its liability to pay advance tax. If this interpretation is not given, there will be absurdity.

The amendment to Explanation 1 to section 234B by FA 2006 w.e.f. 1.4.2007 to provide that MAT credit under section 115JAA shall be excluded while calculating advance-tax liability is to remove the immense hardship that would result if this was not done.

CIT vs. Tulsyan NEC  

Romancing the Taxation ... Amendment For May/June-14 Sec.80GGB/GGC

Sec.80GGB/GGC

No Donation shall be allowed u/s 80GGB/GGC in respect of any sum paid to political party to political Party by way of cash from the AY 14-15.

In short Deduction is allowed only on payment by cheque.

However donation before AY 14-15 will be allowed in any mode.