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Income Tax - Highlights / Catch Notes

Home Highlights December 2019 Year 2019 This

Reassessment on the basis of the retrospective amendment ...

Income Tax

December 31, 2019

Reassessment on the basis of the retrospective amendment effected in Explanation-1 to Section 115JB - Provision for Bad and Doubtful Debt - that amendment would not be available for the Assessing Authority to exercise the power to reopen the assessment.

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  1. 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

  2. MAT - Deduction for provision of bad and doubtful debts while computing book profits u/s.115JB - There is absolutely no quarrel that the case does not fall under Clause...

  3. Bad and doubtful debts written off disallowed – provision for bad and doubtful debts cannot be allowed u/s 36(1)(vii) - AT

  4. Disallowance of claim of CSR expenditure - the amendment is not with retrospective effect - CSR expenditure cannot be disallowed by invoking the explanation 2 to section...

  5. Applicability of Explanation (c) to Section 115JB(1)(MAT) - Provisions made for Bad and Doubtful debts -even if amendment which is made retrospective the benefit given...

  6. Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section...

  7. MAT provision - Since Explanation 1 to sec. 115JB(2) of the Act is applicable retrospectively with effect from 1.4.2001, the provision for bad and doubtful debt has to...

  8. Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

  9. Advances made to rural branches of bank – Whether deduction u/s 36(1)(viia) can exceed the amount of provision for bad and doubtful debts - Held no - AT

  10. MAT - Retrospective amendment to section 115JB by the Finance (No. 2) Act, 2009 - the amendment made is not ultra vires or unconstitutional. - HC

 

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