Romancing The Taxation.... Change in Process of Allotment of PAN dated 24/1/2013

The procedure for PAN allotment process will undergo a change w.e.f.

03.02.2014. From this date onwards, every PAN applicant has to submit self-

attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of

Birth (DOB) documents and also produce original documents of such

POI/POA/DOB documents, for verification at the counter of PAN Facilitation

Centres. The copies of Proof of Identity (POI), Proof of Address (POA) and Date

of Birth (DOB) documents attached with PAN application form, will be verified

vis a vis their original documents at the time of submission of PAN application at

PAN Facilitation Centre. Original documents shall not be retained by the PAN

Facilitation Centres and will be returned back to the applicant after verification.

Romancing the Taxation... New case Law on Transfer of shares by non resident

Romancing the Taxation
Transfer of shares of a listed Indian  company by a nonresident without  consideration is not liable to tax in
India .
DIT v. Goodyear Tire and Rubber Company  

Romancing The Taxation... Clarification on TDS

Clarification on TDS

TDS provisions won't get attracted on payer if it made payments without claiming them as expenditures.Once assessee has not claimed expenditure or reimbursement of expenses, assessee is not liable to deduct tax at source

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.