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 Delhi following the decision of Delhi HC in assessee’s own case held that profit earned on sale/redemption of investment is not chargeable to tax. Accordingly, appeal allowed to that extent.
ITAT Ahmedabad provides tax relief to Nirma Ltd., holding sales tax subsidy as a capital receipt, allowing 80IA deduction and depreciation on goodwill.
ITAT Bangalore confirms that the maximum marginal rate for discretionary trusts includes the highest applicable surcharge, regardless of the income amount, dismissing the assessee’s appeal.
The ITAT Chennai rules that the surcharge on a private discretionary trust’s dividend and capital gains income cannot exceed 15%, setting a precedent for similar cases.
ITAT Mumbai held that the Explanation to section 14A of the Income Tax Act inserted by the Finance Act, 2022 is prospective in nature and cannot be applied to assessment years preceding the amendment. Accordingly, appeal of revenue dismissed.
ITAT Mumbai held that increasing book profits under section 115JB of the Income Tax Act on account of disallowance u/s. 14A read with rule 8D is not justifiable. Accordingly, appeal of the assessee allowed.
ITAT Mumbai remitted matter of taxability of industrial promotion subsidy back to CIT(A) for de novo meritorious adjudication as details and documents demanded thereon were not furnished by the assessee.
ITAT Kolkata held that only those investments which have yielded exempt income during the year should be considered for computing disallowance under section 14A read with rule 8D of the IT Rules. Accordingly, appeal of revenue dismissed.
Resolution plan for Steadfast Shipping Private Limited was approved under Section 31 of the Insolvency and Bankruptcy Code, 2016, after finding that the plan met all requirements under Section 30(2) of the Code and was approved by the Committee of Creditors (CoC) with 100% voting share.
The ITAT Mumbai has ruled that a company’s share of a partnership loss cannot be added back to its book profits under Section 115JB, clarifying the computation of book profits under the Income Tax Act.
