Income Tax : Detailed overview of corporate tax rates, surcharges, and MAT for AY 2021-22 to AY 2025-26, applicable for various domestic and ma...
Income Tax : Understand deferred tax assets and liabilities under the Income-tax Act, 1961 — their meaning, recognition, timing vs. permanent...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Learn about Minimum Alternate Tax (MAT) for Indian companies, including its purpose, calculation under Section 115JB, and the proc...
Income Tax : Concept of Minimum Alternate Tax (MAT) was formally introduced in Section 115JA of the Income Tax Act. It evolved over time, becom...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for ...
Income Tax : Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provision...
Income Tax : Transfer of passive infrastructure (PI) assets under a court-approved scheme of demerger without consideration qualified as a gift...
Income Tax : The Tribunal examined whether an increase in loans was due to fresh borrowing or reclassification. It remanded the matter for veri...
Income Tax : The case addressed whether income can be corrected without filing a revised return. ITAT held that genuine computational errors ca...
Income Tax : ITAT Mumbai rules actuarial provisions for employee benefit schemes are allowable under Section 37(1) as ascertained liabilities, ...
Income Tax : The case examined reopening based on a prior disallowance under Section 80IB(10). The Court found that the disallowance had alread...
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...
Income Tax : CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounti...
Income Tax : References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into t...
The Tribunal found that once additional evidence is admitted and remand is called for, the Assessing Officer must be given an effective opportunity to respond. Deciding the appeal without waiting for the remand report was held to be legally unsustainable.
ITAT ruled that a scrutiny order cannot override a 143(1) intimation if the AO fails to examine pending 154 grievances. The case was remanded because the core adjustments were never adjudicated.
Gujarat High Court held that reopening assessment beyond four years is invalid when all material facts were disclosed. Depreciation claims on Slump Sale assets remain intact.
The ITAT upheld the deletion of a ₹305.49 crore penalty imposed on a bank, ruling that section 115JB (MAT) does not apply to banks under the Banking Regulation Act. The decision emphasizes that penalties linked to inapplicable provisions cannot be sustained.
ITAT held that reopening of assessment under Section 148 is invalid if no fresh material emerges. Key takeaway: AO cannot reopen concluded assessments on pre-existing facts.
ITAT held that a penalty under Section 271(1)(c) is invalid when concealment and inaccurate particulars are invoked together without specifying the exact charge. The ruling reinforces that penalty notices must be unambiguous and legally precise.
The tribunal held that brought-forward losses and unabsorbed depreciation remain in the books until fully absorbed and must be allowed as reduction under Section 115JB. The ruling rejects the Revenue’s stand and upholds the CIT(A)’s deletion of the addition.
The Tribunal found that the assessee’s net worth was substantially higher than the value of its investments, creating a presumption that investments were made from own funds. As no interest expenditure was linked to exempt income, the AO’s disallowance under Section 14A was held unsustainable.
ITAT Delhi held that the LTCG derived from exclusive transfer of equity shares and units of equity oriented mutual funds only is held eligible for exemption under section 10(38) of the Income Tax Act. Thus, ground raised by the revenue stands allowed.
The Tribunal held that failure to file a return under section 139 or within the 148-notice deadline triggers Explanation 3, deeming concealment regardless of later tax payment. Penalty under section 271(1)(c) was sustained.
