Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
Income Tax : The guide explains deferred tax assets and liabilities, timing versus permanent differences, MAT implications, measurement rules, ...
Income Tax : Section 115BAA offers eligible domestic companies a concessional tax structure with a fixed effective rate. The trade-off is the l...
Income Tax : The case clarifies that only specified adjustments can be made while computing book profit under MAT. The ruling limits arbitrary ...
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 : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : Transfer pricing principles dictate that a captive, risk-mitigated service provider could not be benchmarked against full-fledged,...
Income Tax : Madras HC upheld deduction for site restoration expenses, holding the contractual obligation under the PSC is allowable under Sect...
Income Tax : Tribunal partly allowed the assessee's appeals by granting relief on transfer pricing, scientific research deduction, product regi...
Income Tax : The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents....
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...
ITAT Hyderabad deletes CPC adjustments for Caspian Impact Investments. Quashes double disallowance of Section 37(1) loss and Section 43B addition on transferred, carried-forward liability.
High Court held that the Revenue itself had accepted the provision in earlier years and not disputed it even before the jurisdictional High Court in appeal for AY 2009-10. Since the provision was scientific and actually discharged, no substantial question of law arose.
ITAT Delhi directs the exclusion of the Rs. 84.95 lakh Transfer Pricing adjustment from the Book Profits (u/s 115JB), citing the Supreme Court’s ruling in Apollo Tyres Ltd. that the AO cannot tamper with the net profit determined under the Companies Act, except for specified adjustments.
ITAT Mumbai held that additional evidence demonstrating that no tax advantage accrued to assessee owing to continuous losses needs verification. Accordingly, matter of imposing penalty u/s. 271(1)(c) remanded back.
Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility release and systemic e-filing portal glitches causing widespread hardship.
The ITAT Mumbai ruled in favor of Bennett Coleman & Co. Ltd., holding that a further Section 14A disallowance is unwarranted when the assessee’s own disallowance exceeds the exempt income.
The ITAT has declared an assessment against SoftwareONE India Pvt. Ltd. void, ruling that an assessment framed in the name of a non-existent, merged entity is invalid, citing a Supreme Court precedent.
ITAT Chandigarh partly allows Sky AMA Infra appeal: confirms Sec 14A disallowance for normal income but deletes MAT adjustment citing Vireet Investments precedent.
ITAT Mumbai held that trade receivable shown as net of provision for doubtful debts would not be hit by section 115JB(i) of the Income Tax Act. Accordingly, addition of provision of bad and doubtful debts to book profits computed u/s. 115JB not sustained.
A summary of the ITAT Delhi ruling on cross-appeals involving International Tractor Ltd. covering key tax issues on depreciation, R&D, and other business deductions.
