Supreme Court rules on deductibility of export profits while computing MAT

Court :Supreme Court Citation :Ajanta Pharma Ltd. (Taxpayer) (Civil Appeal No. 7518 of 2010) Brief :In a recent ruling Supreme Court (SC) in the case of Ajanta Pharma Ltd. (Taxpayer) (Civil Appeal No. 7518 of 2010) on the issue of deductibility of export profits from the net profit while computing ‘book profit’ for determining minimum alternate tax (MAT) liability under the Indian Tax Law (ITL) ruled that, while computing ‘book profit’, the net profit has to be reduced by the amount of export profits ‘eligible’ for deduction in the computation under the normal provisions of the ITL...