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...
Thus all the provisions relied upon by the Ld. AO would apply only in a case where an “asset” is “transferred” in the course of “amalgamation” by “transferor company” to the “transferee company” and would not apply when a particular “asset” is a “result” of amalgamation.
ITAT Chennai held that in view of pending decision before Madras High Court which has a bearing on the assessment, the assessment is restored back to the file of AO with a direction to await the pending decision.
Present appeal has been filed by the appellant mainly contesting that whether the Tribunal was right in holding that there has been no diversion of income by overriding charge in respect of amount transferred to Statutory Reserve Fund in compliance with the mandatory provisions of Sec.45IC read with Sec. 45Q of RBI Act.
Held that the capital subsidy should be reduced for computation of book profit. Particularly in view of the excruciating fact that reduction of subsidy from written down value was accepted by the Assessing Officer and he did not tinker with the amount of depreciation claimed.
ITAT Visakhapatnam held that revision u/s. 263 quashed as AO already disallowed the claim of depreciation while framing assessment and assessed income at NIL due to proper application of funds.
ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department of Scientific & Industrial Research [DSIR] is soft loan and hence cannot be considered as grant-in-aid.
The fiction created by Section 11 of the Acquisition Act, does not imply that the assessee bank would also become a company for the purpose of the Companies Act for which Clause (b) of Sub-Section 2 of Section 115JB is applicable.
ITAT Ahmedabad held that PFRDA Act, 2013 doesn’t prescribed any due date for payment of employee’s contribution to National Pension Scheme (NPS). Thus, since payment is made before filing return u/s. 139(1), the same is allowable u/s. 43B(b) of the Income Tax Act.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
Held that reserve arising out of amalgamation is capital in nature and cannot be treated as revenue under the ambit of section 28(iv) of the Act. CIT (A) is correct in holding that capital reserve cannot be treated as an Income u/s 28(iv) of the Act.
