Exempt income is liable to MAT

Citation: Rain Commodities Limited Vs Dy. Commissioner of Income Tax ITA No. 673 / Hyd / 2009, (Hyderabad Special Bench). Court: ITAT Hyderabad (Special Bench) Incomes exempt under the regular provisions of the ITA would be liable to tax under MAT if they are not expressly excluded under the Explanation providing permissible adjustments to be made in computing the book profit. Facts a) The assessee, Rain Commodities Ltd., an Indian Company, had during the assessment year 2004-05 transferred certain assets to its wholly owned subsidiary in India and had credited the profits arising on transfer ...