Penalty u/s 271(1)(c) - MAT u/s 115JB was greater than the ...

Income Tax

May 7, 2014

Penalty u/s 271(1)(c) - MAT u/s 115JB was greater than the regular income, book profit was taken as deemed total income u/s 115JB of the Act - penalty u/s 271(1)(c) of the Act was not imposable on the assessee - AT

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Penalty u/s 271(1)(c) - MAT u/s 115JB was greater than the ...

Income Tax

May 7, 2014

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

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

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

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 - Provision for bad and doubtful debts are required to be added to book profit as per clause (i) of explanation [1] to subsection [2] of section 115JB - 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

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

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

Penalty u/s 271(1)(c) - not offering correct MAT on the book profit u/s 115JB - assessee had not furnished any detail of MAT calculation and also had not filed form 29B...

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