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THE FINANCE BILL, 2018 – proposal in MAT provision for some type of companies

Budget - By: - CA DEV KUMAR KOTHARI - Dated:- 2-2-2018 - Proposal in nut shell: As per proposal in case of company against whom an application for corporate insolvency resolution process has been admitted , will be entitled to reduce the aggregate amount of unabsorbed depreciation and loss brought forward from its current book profit of previous year. Doubt must be clarified: Though in view of context, and continuity of provisions, the expression the aggregate amount of unabsorbed depreciation a .....

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s hardly any chance of profits except in case of massive sales of its assets. In case of sale of assets also, in respect of land, the capital gains can be nominal after considering fair market value of land with benefit of cost inflation index. In case of depreciable assets, also chances of profit being earned will not be very good, because if the assets had appreciated, it would not be a case of insolvency law. Other proposal for foreign companies : other proposed provision is about non applica .....

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) the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016(31 of 2016). Explanation.-For the purposes of this clause, the expression Adjudicating Authority shall have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Co .....

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rovisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, where its total income comprises solely of profits and gains from business referred to in section 44B or section 44BB or section 44BBA or section 44BBB and such income has been offered to tax at the rates specified in those sections. . From the Memorandum Explaining proposal: Clause 35 of the Bill seeks to amend section 115JB of the Income-tax Act relating .....

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