section 115JAA

Under the existing provisions of section 115JB of the Income Tax Act, a company is required to pay a Minimum Alternate Tax (MAT) on its book profit, if the income-tax payable on the total income, as computed under the Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2010, is less than such minimum. Full Article

There is no ambiguity in the language of sub-section (3) of section 115JAA; the carry forward is available for a total of six (1+5) years; the period of `five assessment years', mentioned in sub-paragraph (2) of the paragraph 45.4 of the CBDT Circular No. 763 dated 18-2-1998, contradicts with what is stated in sub-section (3) of section 115JAA; it is trite law that statutory provisions prevail over a Circular in case of a contradiction between the two. Full Article

SUMMARY OF CASE LAW Explanation as substituted by Finance Act, 2006 in sections 234B and 234C does not say that tax credit should not be allowed as a set off while computing assessed tax prior to the date of such substituted Explanation coming into force. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH `E’, MUMBAI, [...] Full Article