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Income Tax - Highlights / Catch Notes

Home Highlights April 2012 Year 2012 This

MAT - 115JB - AO has powers to go behind the accounts and see ...

Income Tax

April 26, 2012

MAT - 115JB - AO has powers to go behind the accounts and see whether same have been prepared in accordance with the requirements of Part II and Part III of Schedule VI of the Companies Act, 1956. - AT

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  4. 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.

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  8. MAT applicability - Provisions of sec.115JB are not applicable to the banking company - AT

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  10. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

 

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