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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Book profit for the purpose of MAT (Minimum alternate Tax) - The ...

Income Tax

August 14, 2013

Book profit for the purpose of MAT (Minimum alternate Tax) - The lower of the solitary figures of the unabsorbed depreciation or loss brought forward for all the earlier years taken together is to be reduced for the purposes of computing book profit u/s 115 JB of the Act. - Decided against the revenue. - AT

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  1. Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT

  2. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

  3. Minimum alternate Tax (MAT) - donation paid is allowable expenditure while computing the book profit of the assessee u/s 115JB - AT

  4. Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

  5. SC dismissed the SLP against the order of HC - The issue involved was penalty on account of adjustments to book profit by AO u/s 115JB - Minimum Alternate Tax (MAT)

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  7. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

  8. 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...

  9. Minimum Alternate Tax (MAT) - Sec.115JB cannot be applied to the banking company. - AT

  10. MAT (Minimum alternate tax) - for the purpose of the book profit, deduction under section 80HHC is to be computed with reference to the book profit and not with...

 

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