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Income Tax - Highlights / Catch Notes

Home Highlights November 2020 Year 2020 This

Computation of MAT u/s 115JB - Addition towards delayed payment ...

Income Tax

November 3, 2020

Computation of MAT u/s 115JB - Addition towards delayed payment of gratuity and leave encashment - in computation of book profit only provision for unascertained liability is required to be added back. Provision for gratuity and leave encashment, being ascertained liabilities are not required to be added back to book profits u/s. 115JB - AT

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  1. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

  2. MAT - Addition of Book Profits u/s 115JB – Dividend Stripping u/s 94(7) - The Explanation (f) of Section 115JB was clearly applicable in case of the appellant - AT

  3. MAT computation u/s 115JB - Adjustment for computation of book profits u/s. 115JB on the ground that expenses are unascertained liability. - The Tribunal addressed each...

  4. Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

  5. Addition of claim towards staff gratuity - The assessee has no control over the funds contributed to LIC towards the gratuity. The assessee is receiving the gratuity...

  6. Addition u/s 14A r.w.r. 8D - Addition under special provision u/s 115JB - Minimum Alternate Tax (MAT) - the case revolved around the disallowance made under Section 14A...

  7. Book profit adjustment - MAT u/s 115JB - provision for retirement benefits – As per this clause (f) of section 43B, the expenses of leave encashment are allowable on an...

  8. Unascertained liability cannot be excluded in the provision of gratuity for the computation of book profit under section 115JB - HC

  9. MAT applicability - Provisions of sec.115JB are not applicable to the banking company - AT

  10. Kerala State Electricity Board is not liable to tax under MAT provisions - 115JB

 

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