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Income Tax - Highlights / Catch Notes

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Minimum Alternate Tax (MAT) on SEZ units - provisions of section ...

Income Tax

July 25, 2015

Minimum Alternate Tax (MAT) on SEZ units - provisions of section 115JB shall not apply to the income accrued or arisen on or after 1.4.2005 from any business carried on, or services rendered, by an entrepreneur or a Developer, in a Unit or Special Economic Zone, as the case may be. - AT

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  3. 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

  4. 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

  5. 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

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

  7. 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

  8. 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)

  9. Addition u/s 14A r.w.r. 8D - Addition under special provision u/s 115JB - Minimum Alternate Tax (MAT) - the case revolved around the disallowance made under Section 14A...

  10. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

 

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