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Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

MAT - book profit adjustments - by no stretch of imagination the ...

Income Tax

August 28, 2015

MAT - book profit adjustments - by no stretch of imagination the profits of amalgamating units could have been included in financial year ending on 31-03-2008. - AT

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  1. 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

  2. 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

  3. MAT - adjustment - adjustment of disallowance u/s 14A was not required to be made in Book Profits for the purpose of Section 115JB

  4. 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

  5. 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.

  6. 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)

  7. 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

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

  9. MAT computation - assessee’s interest income and profit on sale of Mutual Funds would not form part of the computation of ‘book profits’ u/s 115JB - AT

  10. Minimum Alternate Tax (MAT) on SEZ units - Authorities below were not justified to include the book profit in respect of SEZ unit at Mumbai of the assessee while...

 

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