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Income Tax - Highlights / Catch Notes

Home Highlights January 2018 Year 2018 This

Addition u/s.115JB under the head ‘provision set aside for ...

Income Tax

January 18, 2018

Addition u/s.115JB under the head ‘provision set aside for diminution in the value of investment holding that the same are not in the nature of provision only.” - MAT - The assessee had credited the difference between the sale price and fair value as on 31.03.2008 to Profit & Loss Account and not the difference between sale price and its cost. - No additions - AT

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  2. MAT Computation u/s 115JB - once assessee has reduced amount shown by it as a provision for diminution of investment from its total value of investment, it no longer...

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

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

  10. Kerala State Electricity Board is not liable to tax under MAT provisions - 115JB

 

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