MAT - determination of Book-Profits u/s 115JB vis-à-vis loss ...

Income Tax

July 24, 2023

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 being capital receipts, naturally, the book profits are to be increased by similar losses incurred on sale of investments - Additions confirmed - AT

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MAT - determination of Book-Profits u/s 115JB vis-à-vis loss ...

Income Tax

July 24, 2023

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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

MAT, 115JB, brought forward loss become NIL during AY but deduction from book profit allowed on closing balance of PY

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

MAT computation - assessee’s interest income and profit on sale of Mutual Funds would not form part of the computation of ‘book profits’ u/s 115JB - AT

Computing MAT liability under the provisions of sec.115JB, deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods - AT

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MAT - Addition of Book Profits u/s 115JB – Dividend Stripping u/s 94(7) - The Explanation (f) of Section 115JB was clearly applicable in case of the appellant - AT

Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

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

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