Home Highlights January 2015 Year 2015 This

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1. MAT - Rectification of mistake - Deduction of prior period items from book profit - section 115JA - HC

2. Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

3. Disallowance of remuneration paid by the assessee to its Working Partner u/s 40A(3) - Cash payment of expenditure in excess of specified limit - Scope of separate...

4. Book Adjustments u/s 115JA - Minimum Alternate Tax (MAT) - Provision for doubtful debts - entire provision represented advances towards sister concern and not trade...

5. Exemption from tax under Section 115-O - Tax on distributed profit / Dividend Tax - Once it is held that the amount distributed or paid by Petitioner by way of dividend...

6. MAT Computation - book profit of the assessee-company u/s 115JB - doubtful debts - the provision made for doubtful debts as well as for diminution in the value of...

7. MAT - Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

8. Scope of Section 44BB - Service tax inclusion in the gross revenue for computing profits under presumptive provisions of section 44BB - The Hon’ble Court is clearly...

9. Liability to pay interest on delayed payment of VAT - The assessee was required to pay the tax payable in accordance with the provisions of Section 14 of the HVAT Act...

10. Leave encashment - whether not an ascertained liability and thus liable to be added to the “book profit” under explanation 1 to Section 115 JB - MAT - Held no - HC

11. Escaped income u/s 115JA - MAT - amount withdrawn from the reserves created or provisions made - The assessee may fall within the ambit of the mischief sought to be...

12. MAT - Book Profit - Deemed income relating to certain companies u/s 115JA - addition of amount towards provision for doubtful advance to the book profit - The Tribunal...

13. Carry forward and set off of MAT credit - MAT credit available to the assessee prior to demerger, even though, the same is arised on account of SEZ units, the credit for...

14. Minimum Alerter Tax (MAT) - Constitutionality of Section 115J and 115JA - Provisions of Sections 115JA and 115JAA of the Act are neither arbitrary nor unreasonable. - HC

15. MAT Computation - Even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...