Home Highlights April 2016 Year 2016 This

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1. The core summary is that banks constituted as 'corresponding new banks' under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 are not covered...

2. Addition u/s 14A r.w.r. 8D - Addition under special provision u/s 115JB - Minimum Alternate Tax (MAT) - the case revolved around the disallowance made under Section 14A...

3. Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

4. Minimum Alternate Tax (MAT) - Sec.115JB cannot be applied to the banking company. - AT

5. Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

6. Minimum alternate Tax (MAT) - Corporation established under DVC Act, 1948 - The proviso to sec. 211(2) of the Companies Act, 1956 was not applicable. - the provisions of...

7. The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

8. MAT applicability to the assessee Banking Companies u/s 115JB - the provisions of Section 115JB(2) of the Act do not apply to the Banking companies.

9. 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...

10. MAT applicability u/s 115JB - Deemed company - that definition includes the corporation but provision of section 115JB deals only charge of tax of a company and it...

11. The companies eligible for claiming deduction u/s 10A are continued to remain liable to Minimum Alternate Tax (MAT) made u/s 115JB of the Act. - assessee company is...

12. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - Appropriate provisions to cover minimum alternate tax and alternate minimum tax cases

13. Minimum alternate Tax (MAT) - donation paid is allowable expenditure while computing the book profit of the assessee u/s 115JB - AT

14. Penalty u/s 271(1)(c) - furnished wrong particulars of its income in terms of profits u/s 115JB - Computation of Minimum Alternate Tax (MAT) - levy of penalty confirmed - AT

15. Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT