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...
The petitioner is essentially aggrieved by the denial of the benefit of paying tax at lower rate in terms of Section 115BAA of the Act, which was introduced by the virtue of Taxation Laws (Amendment) Act, 2019 with effect from 01.04.2020.
ITAT Ahmedabad held that issue of applicability of section 115JB to National Dairy Development Board is debatable and not a mistake apparent from record hence rectification order passed is beyond the scope of section 154 of the Income Tax Act.
Bombay High Court upholds ITAT ruling, stating Section 14A disallowance and Section 115JB adjustment for exempt income are not applicable if no exempt income is earned.
Concept of Minimum Alternate Tax (MAT) was formally introduced in Section 115JA of the Income Tax Act. It evolved over time, becoming more refined and structured.
ITAT Delhi held that provisions of section 43B of the Income Tax Act is not attracted to the licensee/assessee in respect of electricity duty. Thus, question is answered in favour of the assessee and hence appeal of revenue dismissed.
ITAT Raipur held that the appeal is treated as withdrawn due to initiation of proceedings under Vivad Se Vishwas Scheme, 2024 (VSVS 2024) by filing of Form 1. Thus, present appeal dismissed as withdrawn.
Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed in as much as all the necessary information were supplied by the assessee and there was no failure to disclose any material fact. Accordingly, reopening quashed.
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.
