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Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
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Income Tax : ITAT Mumbai held that there is no relation of disallowance u/s. 14A while computing the book profit u/s. 115JB. Thus, lower author...
Corporate Law : Delhi High Court held that assessee is entitled to confine the settlement of disputes which were subject matter of its appeal file...
Income Tax : As a result, assessee was required to deduct TDS on payments made to Bemo. AO invoked Section 40(a)(i) for non-deduction of tax on...
Income Tax : ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down valu...
Income Tax : Thus all the provisions relied upon by the Ld. AO would apply only in a case where an "asset" is "transferred" in the course of "a...
Income Tax : Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option ...
Income Tax : Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only...
Income Tax : Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB...
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Income Tax : References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into t...
ITAT Mumbai held that there is no relation of disallowance u/s. 14A while computing the book profit u/s. 115JB. Thus, lower authorities were not correct in adding notional expenditure as computed u/s. 14A and increasing the book profit by that sum u/s. 115JB.
Delhi High Court held that assessee is entitled to confine the settlement of disputes which were subject matter of its appeal filed before appellate authority under Direct Tax Vivad Se Vishwas Act, 2020 [DTVSV Act].
As a result, assessee was required to deduct TDS on payments made to Bemo. AO invoked Section 40(a)(i) for non-deduction of tax on Rs. 12,69,79,006, disallowing the deduction.
ITAT Mumbai held that the deeming fiction of section 50C Income Tax Act cannot be extended while working out the written down value (WDV) for the purpose of claiming deprecation on the block of the asset. Thus, disallowance made is liable to be deleted.
Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.
ITAT Chennai held that in view of pending decision before Madras High Court which has a bearing on the assessment, the assessment is restored back to the file of AO with a direction to await the pending decision.
Present appeal has been filed by the appellant mainly contesting that whether the Tribunal was right in holding that there has been no diversion of income by overriding charge in respect of amount transferred to Statutory Reserve Fund in compliance with the mandatory provisions of Sec.45IC read with Sec. 45Q of RBI Act.
Held that the capital subsidy should be reduced for computation of book profit. Particularly in view of the excruciating fact that reduction of subsidy from written down value was accepted by the Assessing Officer and he did not tinker with the amount of depreciation claimed.
ITAT Visakhapatnam held that revision u/s. 263 quashed as AO already disallowed the claim of depreciation while framing assessment and assessed income at NIL due to proper application of funds.
ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department of Scientific & Industrial Research [DSIR] is soft loan and hence cannot be considered as grant-in-aid.
