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...
During the course of assessement proceedings, AO noted that the assessee has earned interest income on fixed deposits made with banks which has been included in the business income while computing deduction u/s 10AA of the Act.
Delhi High Court held that issuance of notice for initiating penalty proceedings under section 271(1)(c) of the Income Tax Act without specifying the limb under which the penalty was proposed to be levied is bad-in-law. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that head office expenditure incurred outside India exclusively for the Indian branches does not fall within the ambit of section 44C of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of business/ commercial expediency are outside the scope of deemed dividend.
ITAT Mumbai held that the rate of tax on a short term capital gain on depreciable assets u/s. 50 has been held to be the rate of long term capital gain @ 20% as per Section 112 of the Income Tax Act. Accordingly, appeal of assessee allowed.
ITAT Mumbai allows Mauritius fund to carry forward capital losses under Indian law while claiming DTAA exemption on pre-2017 share gains.
ITAT Delhi held that while computing total income as per Rule 5 r.w. section 44, provisions of section 14A are not applicable. Further, disallowance method of computation of prescribed under Rule 8D is not applicable while “Book Profit” u/s 115JB.
Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil income after setting off carried-forward losses and reported book profits of Rs. 26.90 crore under the MAT provisions of Section 115JB.
ITAT Bangalore rules Section 115JB (MAT) not applicable to Canara Bank (erstwhile Syndicate Bank), citing prior judicial precedents and its status as a nationalized bank.
ITAT Bangalore exempts Canara Bank from MAT, citing Delhi HC rulings on non-applicability of Section 115JB to banking companies before 2012 amendment.
