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 Mumbai held that depreciation under section 32 of the Income Tax Act on the right to collect toll on the roads developed on BOT basis is not eligible.
Signing of the assessment order was an integral part of order generation in e-assessment and the assessment proceedings conclude only after the order was digitally signed, therefore, signing of the assessment order should not be brushed aside lightly.
ITAT Delhi held that issue relating to allowance of depreciation on non-compete fee is debatable and it is well settled law that rectification provision u/s. 154 of the Income Tax Act cannot be invoked if the issue is debatable.
Assessee-bank had calculated tax for the relevant assessment year based on both book profits under Section 115JB at Rs.604,86,39,540 and normal provisions at Rs.1153,29,54,493.
ITAT Mumbai held that when the reserve/provisions created in the year where the assessee has increased the book profit u/s. 115JB of the Act, the assessee is entitled to reduce the amount withdrawn from such reserve if the same is credited to the P & L account in that year.
ITAT Bangalore held that the addition of provision of bad and doubtful debts as per P&L account to determine the book profits u/s. 115JB of the act is not warranted as actual write off would not be hit by clause (i) of explanation to section 115JB.
ITAT Ahmedabad overturns ex parte order against Takshashila Realties Pvt Ltd due to non-receipt of notices, remands case for fresh consideration.
Explore five recent High Court decisions on income tax issues, including DTAA, FTS classification, MAT inclusion, reassessment orders, and reliance on external reports in tax assessments.
ITAT Mumbai held that software license expenditure incurred for carrying out the routine operations is revenue in nature. Hence, disallowing the same by treating it as capital unjustified. Thus, disallowance deleted.
ITAT Ahmedabad held that interest income and miscellaneous income earned by the assessee are directly related to the business of the assessee and assessable as business income only and not as income from other sources.
