The assessee had not computed income under the provisions of Minimum Alternate Tax (MAT) and had not...

The assessee had not computed income under the provisions of Minimum Alternate Tax (MAT) and had not computed book profit, claiming that the provisions of MAT were not applicable. The Dispute Resolution Panel (DRP) vehemently argued that there is no exception carved out for a company under voluntary liquidation for the purposes of taxation u/s 115JB. The ITAT held that any assessee covered u/s 115JB will necessarily have to compute book profit for MAT purposes, unless specifically exempted within the said provision. The appellant's case did not fall within any exceptions, and the applicability of Section 115JB was upheld. The appellant's helplessness in computing book profit was rejected, as the assessee had disclosed total income for certa..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X