MAT credit was available from tax computed after adding surcharge & cess if credit was inclusive of surcharge & cess

IT: Amount of MAT tax credit available from earlier year, inclusive of surcharge and education cess etc., should be reduced from amount of tax determined on total income of current year after adding surcharge and education cess, etc

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Liquidated damages received from builder for relinquishment of right in constructed area would from part of LTCG

IT: Where on builder's failure to complete construction of commercial complex within prescribed time, allotment of built up area in favour of assessee was cancelled liquidated damages, received along with consideration were to be taken into account while computing long term capital gains

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Services received from AE linked to main business activity to be benchmarked together under TNMM

IT/ILT: Where intragroup services received by assessee from its AEs were closely linked to main business activity of assessee, of prospecting for exploration and production of crude oil and natural gas, they should have been benchmarked together by adopting TNMM as most appropriate method

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Jurisdiction of civil court not be attracted when applicability of SARFAESI Act was in question: HC

SARFAESI Act : Where status of secured asset being collateral security against term loan was in doubt and, thus, applicability of SARFAESI Act was open to question, section 34, which ousts jurisdiction of Civil Court, would not be attracted

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Father’s name in PAN application form not mandatory if Mother is single parent: CBDT’s draft rules

The CBDT has issued draft notification proposing amendments in Rule 14 of Income-tax Rules, 1962 and PAN application Forms, i.e., 49A & 49AA. It is proposed that the Father’s name shall not be mandatory in PAN application forms where mother is single parent. Further, 31st May of next FY shall be last day to apply for PAN in case of non-individual resident persons entering into a financial transaction of Rs. 2.50 lakhs or more in a financial year.

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AO could deny carry forward & set-off of loss due to sec. 79 prohibition only when assessee actually claimed it

IT : Issue whether loss in any year may be carried forward to following year and set-off against income of subsequent year is liable to be determined by Assessing Officer who deals with assessment of such subsequent year

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Appeal against order of tribunal was to be dismissed being barred by limitation: NCLAT

CL: Where appeal against order of Tribunal was filed 15 days after period of limitation of 45 days had expired and a further period of another 45 days had also expired, same was to be dismissed being barred by limitation

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