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Income Tax : References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into t...
Whether upward adjustment to book profit under section 115JB of the Act, by treating the loss on purchase and redemption of mutual funds as expenditure relatable to earning exempt income is justified in law?
The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?
Understanding Minimum Alternate Tax (MAT) for Ind AS 115 complaint companies. Learn how to compute book profit and navigate the provisions of section 115JB.
The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified?
Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?
Article summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives theoretical insights along with examples for sound understanding of the provisions.
The tribunal has held that net profits have to be determined as per the provisions of the companies Act and thereafter, the adjustments have to be made. It has further been held that the assessee cannot adjust the books of profit except as provided under the companies Act.
Right to receive the retention money is accrued only after the obligations under the contract are fulfilled and the assessee had no vested right to receive the same in this assessment year, therefore, it would not amount to an income of the assessee in the year in which it is retained.
Assessing Officer tinkered the book profit by adding the additional revenue on account of subsequent realization of export, while computing the book profit u/s 115JB of the Act. The assessee has revised the return of income by including the additional revenue in its total income.
Provision for warrant expenses was not contingent and had to be allowed as deduction while computing income under the head Income from Business & Profession. Thus, the addition made to the book profits under section 115JB was to be deleted because the liability could not be said to be contingent.
