Computation of MAT - the contribution to the Molasses reserve ...

Income Tax

March 28, 2015

Computation of MAT - the contribution to the Molasses reserve fund can be viewed as a provision in nature and it is not an actual liability and the provision created for additional storage facility is obviously in the nature of provision for contingent liability, therefore, the impugned amount being contingent in nature deserves to be added back while computing income u/s 115JB - AT

View Source

← Previous Next →

Computation of MAT - the contribution to the Molasses reserve ...

Income Tax

March 28, 2015

You may also like:

MAT - Treatment of provision of site restoration fund made in accordance with the guidelines issued by the ICAI, then it cannot be said as contingent liability - held as...

Dis-allowance of amount transferred to Statutory Reserve and amount transferred to Reserve Fund while computing normal provisions and also while computing the book...

Computation of MAT - Addition on debenture redemption reserve fund - adjustments to book profit u/s. 115JA/ 115JB - the amount set aside to redeem debentures must be...

MAT - Addition of debenture redemption reserve in computing Book profit u/s. 115JB - mere fact that the debenture redemption reserve is labeled as a reserve will not...

The provisions of section 43B are not in the nature of enabling provisions but are in the nature of disabiling provisions in the sense that firstly, it needs to be...

Computation of MAT tax liability - the tax liability arising under normal provisions of the Act and u/s 115JB of the Act should be compared before allowing rebate u/s 88E - AT

MAT - Book Adjustments - ascertained liability - where the computation of the provision for bonus was on the basis of Payment of Bonus Act, 1965, the same is ascertained...

Disallowance of unpaid service tax u/s 43B - Section 43B does not contemplate liability to pay the service tax before actual receipt of the funds in the account of the...

Taxability of advance against depreciation (AAD) – Advance against depreciation is reserve or not for computation of MAT u/s 115JB - Held No - AT

MAT - As the amount of revaluation reserves had not gone to increase the book profits at the time it was created, the benefit of reduction cannot be allowed.

Quick Updates: