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...
Whether or not a permanent establishment existed in a State during a given period must be determined on the basis of the circumstances applicable during that period and not those applicable during a past or future period.
ITAT Ahmedabad held that denial of Foreign Tax Credit [FTC] on the ground that corresponding income has not been offered for tax in the year under appeal is not justifiable. Accordingly, FTC allowed.
ITAT Delhi held that initial transaction of demerger of Passive Infrastructure Assets [PIAs] without any consideration qualifies as gift is already affirmed by the Hon’ble Delhi High Court while approving the demerger scheme.
According to the PCIT the quantum of disallowance as per Rule 8D works out to 1,98,36,285/- as against which the AO made disallowance of Rs. 86,88,523/- which has resulted into under assessment of income.
ITAT Kolkata held that the disallowance u/s 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules should be restricted to the dividend yielding investments. Accordingly, AO directed to re-compute disallowance.
ITAT Delhi held that benefit of section 115AAB of the Income Tax Act availed in the preceding year cannot be denied in subsequent year on the reason of non-filing of prescribed Form 10IC. Accordingly, appeal allowed.
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.
