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Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

MAT - the retention money cannot be regarded as income even for ...

Income Tax

March 6, 2017

MAT - the retention money cannot be regarded as income even for the purpose of book profits u/s.115JB of the Act though credited in the profit and loss account and have to be excluded for arriving at the book profits u/s.115JB - AT

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  1. 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

  2. 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

  3. MAT, 115JB, brought forward loss become NIL during AY but deduction from book profit allowed on closing balance of PY

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

  5. MAT computation - amount disallowed under Sec. 14A cannot be added to arrive at the book profit for the purposes of Sec. 115JB - AT

  6. Book profit u/s 115JB - MAT - the profit on sale of assets credited to the profit & loss account cannot be excluded while computing the Book Profit under section 115JB...

  7. 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

  8. MAT u/s 115JB - assessee is entitled to reduce an amount on account of withdrawal from the provision for ESOP from the taxable book profit in the working of MAT - AT

  9. 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

  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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