ITAT Mumbai Upheld MAT Liability Despite Prior SICA Status Due to Positive Net Worth

Supertex Industries Limited Vs DCIT (ITAT Mumbai) The appeal concerns Assessment Year (AY) 2012-13, in which the assessee challenged the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 07.05.2018 that upheld the Assessing Officer’s (AO) computation of book profits under section 115JB and consequent Minimum Alternate Tax (MAT) liability. The AO had completed the assessment under section 143(3) read with section 147 on 09.03.2015, determining book profits at Rs. 10,46,418 and levying MAT. The assessee is engaged in manufacturing, processing, trading, export, and import of poly...