Home Highlights November 2014 Year 2014 This

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1. 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...

2. 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...

3. 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...

4. 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

5. 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...

6. 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...

7. Disallowance u/s 14A r.w.r 8D - These expenses are directly relatable to earning of exempt income and the same has already been disallowed by the assessee while...

8. 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...

9. Computation of book profit u/s 115JB does not allow inclusion of capital gain from sale of flats with indexed cost benefit. Section 115JB requires calculation of book...

10. MAT computation u/s 115JB - Disallowing exclusion of Excise Duty Exemption as capital receipt availed during the year under consideration in computing book profit as per...

11. Disallowance made u/s.14A of the Act while computing book profit u/s.115JB - actual expenses debited to profit and loss account which are incurred for the purpose of...

12. MAT computation u/s 115JB - Adjustment of resultant gains / losses of the amalgamation - Accumulated loss - cancellation of shares - Share Capital was reduced with a...

13. 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...

14. Addition to the book profit u/s 115JB for the amount disallowed u/s 14A r.w. Rule 8D - the tribunal noted that the AO had made the disallowance under Section 14A, but...

15. Power of CIT(A) enhancing the income of the assessee u/s. 251(1)(a) r.w.s. 251(2) - The Ld. CIT(A) is not empowered to enhance the assessment by computing book profits...