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...
The Tribunal held that gratuity liability transferred to another employer on employee transfer constitutes valid discharge. Deduction cannot be denied merely because payment was not made directly to the employee.
The Tribunal deleted the disallowance after finding that work orders, invoices, and bank payments established genuineness of expenses. The ruling clarifies that suspicion alone cannot override documentary evidence.
The issue was whether income disclosed during survey and duly reported in the return can attract penalty under Section 270A. The Tribunal held that when returned income equals assessed income, penalty provisions do not apply.
The tribunal held that penalty under Section 270A cannot be levied where the assessee voluntarily withdrew the education cess claim after a retrospective amendment. A bona fide claim made on prevailing judicial views does not amount to under-reporting or misreporting.
The Tribunal held that assessments under Section 153A cannot be sustained when no incriminating material is found at the assessees premises. Additions based on third-party material were quashed as being without jurisdiction.
ITAT Ahmedabad held that the assessee is entitled to the benefit of indexed cost of acquisition while computing book profit under section 115JB of the Income Tax Act. Accordingly, AO directed to recompute book profit after allowing indexation.
The issue was whether income of a predecessor company for years before amalgamation can be reassessed in the hands of the successor. ITAT held that such clubbing is impermissible and the reassessment itself is void.
The issue was whether adjustment of brought-forward loss and depreciation under MAT could be altered through rectification. The Tribunal held that such MAT computation involves interpretation and debate, making section 154 inapplicable.
The case addressed the correct head of income for interest earned on staff loans. The court affirmed the Tribunal’s finding that such income arises in the normal course of business and found no ground to interfere.
The Tribunal examined whether a branch office treated as a permanent establishment can deduct head-office cost reimbursements. ITAT held that full cost deduction is mandatory so that only profits attributable to the PE are taxed under Article 7.
