MAT - Computation of book profit u/s 115JB of the Income Tax Act ...

Income Tax

September 23, 2013

MAT - Computation of book profit u/s 115JB of the Income Tax Act – As the relevant condition have been fully satisfied in the instant case in terms of the assessee debiting the provision for diminution in the value of investment to its profit and loss account, the same was required to be added for determining book profit - AT

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MAT - Computation of book profit u/s 115JB of the Income Tax Act ...

Income Tax

September 23, 2013

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MAT computation - exclusion of income of SEZ unit while computing Book Profit u/s 115JB - book profit computed under section 115JB will not include income of SEZ Unit - AT

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

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

Adding back transfer pricing adjustment to income assessed u/s 115JB (MAT) - AO erred in adding back the transfer pricing adjustment of the book profits u/s 115JB - AT

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

MAT u/s 115JB - assessee is entitled to reduce an amount on account of withdrawal from the provision for ESOP from the taxable book profit in the working of MAT - AT

While computing MAT u/s 115JB, dividend tax paid should not be reduced from the book profit of the assessee company - AT

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

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)

MAT computation - assessee’s interest income and profit on sale of Mutual Funds would not form part of the computation of ‘book profits’ u/s 115JB - AT

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