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Income Tax - Highlights / Catch Notes

Home Highlights November 2014 Year 2014 This

The view taken by the AO in computing book profit u/s 115JB ...

Income Tax

November 24, 2014

The view taken by the AO in computing book profit u/s 115JB being an acceptable view, the assessment order passed cannot be considered to be erroneous - revision set aside - AT

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  1. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

  2. 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

  3. 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

  4. Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

  5. Revision u/s 263 - brought forward loss as deducted in computing the book profit u/s.115JB - We have been confronted with a situation in which the AO incorrectly applied...

  6. MAT /s 115JB - AO has no jurisdiction to alter the book profit u/s 154 through rectification order in respect of upward adjustment of international transaction.

  7. 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)

  8. The assessee is liable for rebate under section 88E, even if the assessment is to be made after computing the book profit under section 115JB - AT

  9. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

  10. 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

 

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