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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

MAT u/s 115JB - book adjustments - When share of income from ...

Income Tax

June 29, 2018

MAT u/s 115JB - book adjustments - When share of income from firm is exempt u/s.10 2(A) of the Act, necessarily share of loss is also exempt - what the AO did was in accordance with Clause(ii) of the Explanation

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  1. 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

  2. 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...

  3. 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.

  4. Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

  5. 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)

  6. Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

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

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

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

  10. 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

 

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