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Income Tax - Highlights / Catch Notes

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MAT - Adjustment of bad debts for the purpose of book profits ...

Income Tax

December 21, 2022

MAT - Adjustment of bad debts for the purpose of book profits u/s.115JB - the bad debts which is reduced from the asset side of the debts which amounts to actual write off cannot be adjusted for the purpose of book profits u/s.115JB. - AT

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

  3. 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

  4. 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

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

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  7. While computing MAT u/s 115JB, dividend tax paid should not be reduced from the book profit of the assessee company - AT

  8. MAT computation u/s 115JB - Bad and doubtful debts inclusion to the book profits for computation of MAT liability u/s 115JB - Whether the ITAT has committed the gross...

  9. 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

  10. 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.

 

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