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.

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