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Income Tax - Highlights / Catch Notes

Home Highlights January 2013 Year 2013 This

Computation of Book Profit u/s 115JB - provisions regarding take ...

Income Tax

January 7, 2013

Computation of Book Profit u/s 115JB - provisions regarding take or pay lease rental charges and the provisions for wage revision is a contingent liability. - AT

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  1. MAT - Computation of book profit u/s. 115JB - lease rent equalization charge cannot be said to be an unascertained liability - AT

  2. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

  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. Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

  5. The view taken by the AO in computing book profit u/s 115JB being an acceptable view, the assessment order passed cannot be considered to be erroneous - revision set aside - AT

  6. 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

  7. Unascertained liability cannot be excluded in the provision of gratuity for the computation of book profit under section 115JB - HC

  8. 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

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

  10. Addition made in the book profit u/s 115JB - claim of interest capitalized in earlier years written off during the current year - creation of provision for employee...

 

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