Section 70 and section 74 were amended by Finance Act 2002 wef AY 2003-04, to rectify an anamoly where by long term capital loss although subject to lower tax @20% was adjusted against normal tax rate income of short term capital gain of 30%, resulting lower payment of taxes by assesses. Hence by amendment brought by Finance Act 2002, long term capital loss was mandated to be allowed against long term capital gain only. However e losses from transfer of short-term capital assets were mandated to be set off against any capital gains, whether short term or long-term. GSB Capital Markets Ltd. [2016] 65 taxmann.com 178 (Mumbai - Trib.) DECEMBER 16, 2015

SLP granted against order of High Court wherein it was held that since dominant objective of ICAI was to regulate profession of Chartered Accountancy in India, it was a charitable institution and conduction of coaching classes and campus placements for a fee by it could not be held to be business, trade or commerce Institute of Chartered Accountants of India[2016] 65 taxmann.com 63 (SC) MAY 1, 2015

Section 206AA providing to apply 20% tax where PAN not furnished can not be applied on gross Salary payment. For computing income on which deduction to be made, exemption limit and deduction towards savings etc . to be reduced u/s 192 unlike other sections on TDS. Further, tax rate after deducting exemption limit and deductions may be 10% or 30% also in some cases. Hence 20% rate can not be applied in situations where 30% rate is applicable. Further tax can not be collected in cases where tax has been deposited by the employee. Rashtriya Ispat Nigam Ltd. JANUARY 22, 2016 [2016] 65 taxmann.com 292 (Visakhapatnam - Trib.)