MAT - computation of book profits u/s. 115JB - provision for ...

Provision for Foreseeable Losses as Ascertained Liability Excluded from Additions in Book Profits u/s 115JB.

November 8, 2022

Case Laws Income Tax AT

MAT - computation of book profits u/s. 115JB - provision for foreseeable losses - it could be seen that even on merits, the provision made for foreseeable losses would only be an ascertained liability and hence, it does not fall under any of the items listed in Explanation 1 to Section 115JB (2) of the Act warranting addition thereon. - AT

View Source

← Previous Next →

MAT - computation of book profits u/s. 115JB - provision for ...

Provision for Foreseeable Losses as Ascertained Liability Excluded from Additions in Book Profits u/s 115JB.

November 8, 2022

Case Laws Income Tax AT

You may also like:

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...

MAT - Book Adjustments - ascertained liability - where the computation of the provision for bonus was on the basis of Payment of Bonus Act, 1965, the same is ascertained...

MAT - additions u/s 115J - provisions for liability towards incomplete projects - whether in the nature of foreseeable loss, which is an ascertainable liability and is...

The case pertains to the disallowance of a provision for contract losses by the CIT(A) and AO, who erroneously concluded it as an unascertained liability not deductible...

Disallowance of foreseeable losses - Provision for foreseeable losses debited by the assessee in the Profit & Loss Account, is not a contingent liability so as to be...

MAT computation u/s 115JB - Adjustment for computation of book profits u/s. 115JB on the ground that expenses are unascertained liability. - The Tribunal addressed each...

Computation of MAT u/s 115JB - Addition towards delayed payment of gratuity and leave encashment - in computation of book profit only provision for unascertained...

Addition towards provision for premium on redemption of debentures to book profit u/s 115JB - adjustments to book profit - provision created for premium payable on...

Accrual of income or loss - Provision for FCNR fluctuation loss - The liability has neither been ascertained nor crystallised as on the Balance Sheet date - deduction...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

MAT - determination of Book-Profits u/s 115JB vis-à-vis loss suffered by the assessee on loss on investments - when gains on sale of investments were to be excluded...

MAT computation - Book adjustments - Liability of interest on turnover tax - whether an allowable expenditure for computing book profit? - the provisions for interest on...

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...

Addition of overlay expenses claimed in Profit & Loss A/c - the assessee company has a present obligation arising out of the concessionaire agreement executed with NHAI...

Provision for ascertained liability or contingent liability - Tribunal committed a serious error in law in holding that such ad hoc provision would nevertheless qualify...

Quick Updates: