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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Computation of book profit u/s 115JB - MAT - The carbon credit ...

Income Tax

December 3, 2017

Computation of book profit u/s 115JB - MAT - The carbon credit is credited to the Profit & Loss account held to be capital receipts and not exigible to tax - AO directed to exclude the sale of carbon credits for the purpose of computation of book profits u/s 115JB - AT

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  1. Sale of carbon credit - on the sale of excess Carbon Credits the income was received it is capital receipt and it cannot be business receipt or income - AT

  2. MAT computation u/s 115JB - Adjustments to book profit - excise duty exemptions as capital receipt - the alleged sum of excise duty exemption is a capital receipt not...

  3. 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

  4. 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

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

  6. MAT - Long term capital gain from sale of shares to be shown to the book profits u/s 115JB - AT

  7. 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...

  8. MAT computation u/s 115JB - unabsorbed depreciation adjustment - the brought forward loss or unabsorbed depreciation as per the books and as per the provisions of...

  9. MAT computation u/s 115JB - Disallowing exclusion of Excise Duty Exemption as capital receipt availed during the year under consideration in computing book profit as per...

  10. 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

 

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