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MAT applicable on capital gains included in book even if same is not liable to be taxed
Case Law Details
- Case Name
- Growth Avenue Securities Pvt. Ltd. Vs DCIT (ITAT Delhi 'I' Bench)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Delhi
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RELEVANT PARAGRAPH
16. In the present case, it is not in dispute that the long term capital gain earned by the assessee is included in the net profit determined as per P&L account prepared as per Part II and Part III of Schedule VI to the Companies Act. In other words, it is not the case of die assessee that the capital gain earned by the assessee was not included in the net profit determined as per P&L account of the assessee prepared under the Companies Act.
We have perused the audited accounts of the assessee and finds that the auditors in their audit report has sta...
Company sold an old fixed asset having nominal value in books, resulted in long term capital gain as wells as MAT?
Whether the company has to pay both the long term capital gain tax and MAT simultaneously?