Home Highlights February 2014 Year 2014 This

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1. Dis-allowance of amount transferred to Statutory Reserve and amount transferred to Reserve Fund while computing normal provisions and also while computing the book...

2. 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...

3. MAT computation - Book Profit - addition of interest on income tax refund to the Net Profit - As there is no dispute on the fact that assessee has offered interest on...

4. MAT computation - adding back Rent equalisation reserve to the book profits - AS 19 is not applicable to lease of immovable property. - AO rightly added back the rent...

5. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

6. MAT - computation of book profit u/s 115JB - The claim of the assessee that the starting point of computation of ‘book profit‘ under Sec. 115JB should be the profit as...

7. MAT - AO add back the Income-tax paid in Spain while computing book profit u/s. 115JB - only taxes specified in Explanation 2 can be added back while computing book...

8. MAT computation - exclusion of income of SEZ unit while computing Book Profit u/s 115JB - book profit computed under section 115JB will not include income of SEZ Unit - AT

9. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

10. MAT - Deduction for provision of bad and doubtful debts while computing book profits u/s.115JB - There is absolutely no quarrel that the case does not fall under Clause...

11. MAT Computation - computing book profits u/s.115JB - Provision for expenses - All these expenses are in the nature of regular business expenses incurred by the assessee...

12. Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

13. Book profit for the purpose of MAT (Minimum alternate Tax) - The lower of the solitary figures of the unabsorbed depreciation or loss brought forward for all the earlier...

14. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

15. Book profit u/s 115JB - MAT - the profit on sale of assets credited to the profit & loss account cannot be excluded while computing the Book Profit under section 115JB...