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Income Tax - Highlights / Catch Notes

Home Highlights September 2019 Year 2019 This

Penalty u/s 271(1)(c) - MAT - Book profit u/s 115JB - The ...

Income Tax

September 5, 2019

Penalty u/s 271(1)(c) - MAT - Book profit u/s 115JB - The inclusion or otherwise of the capital gains in the capital reserve account directly without routing it through the profit and loss account is a debatable issue and no penalty can be levied basing on that issue. - AT

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

  2. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

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

  4. Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

  5. 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

  6. 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

  7. Dis-allowance of amount transferred to Statutory Reserve and amount transferred to Reserve Fund while computing normal provisions and also while computing the book...

  8. 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)

  9. MAT computation - Valuation of assets on amalgamation - determining book profit - Since, the capital reserve is out of purview of Section 115JB, and the “Revaluation...

  10. MAT - Provision for bad and doubtful debts are required to be added to book profit as per clause (i) of explanation [1] to subsection [2] of section 115JB - AT

 

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