HIGH COURT OF MADRAS Commissioner of Income-tax, Chennai v. Saint Gobain Glass India Ltd. DR. VINEET KOTHARI AND R. SURESH KUMAR, JJ. TAX CASE (APPEAL) NO. 8 OF 2013 DECEMBER 2, 2019 DR.Vineet Kothari, J. – The Revenue has filed this Appeal under Section 260A of the Income-tax Act calling in question the correctness of the order… Read More »
Wyzmindz Solutions Pvt. Ltd. Vs ITO (ITAT Bangalore) ITA No. 3417/Bang/2018 30/01/2020 2014-2015 FULL TEXT OF THE ITAT JUDGEMENT This appeal filed by the assessee is directed against the order of the CIT(A), dated 25.10.2018. The relevant assessment year is 2014-2015. 2. This is the second round of this appeal before the Tribunal. In the… Read More »
F.No.279/Misc-142/2007-ITJ-(Pt) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 14th July, 2017 To, All Principal Chief Commissioners of Income Tax Sub: Modification of Circular No. 21/2015 dated 10.12.2015 Madam/Sir, References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going… Read More »
HIGH COURT OF GUJARAT Principal Commissioner of Income-tax-2 v. Surat Textile Mills Ltd. M.R. SHAH AND B.N. KARIA, JJ. TAX APPEAL NOS. 37 & 118 OF 2017 FEBRUARY 17, 2017 Sudhir M. Mehta, Advocate for the Appellant. J.P. Shah, Sr. Advocate and Manish J. Shah, Caveator for the Respondent. JUDGMENT M.R. Shah, J. – As… Read More »
Suggestion on Clause 46(a) of Finance Bill 2017– Section 115JAA – Extension of period of carry forward of MAT credit from 10 years to 15 years – Clarity regarding carry forward and set off of MAT credit in cases where the ten year period has expired on or before AY 2016-17 but the fifteen year… Read More »
Foreign portfolio investors (FPIs) Foreign portfolio investors (FPIs) raised certain taxation issues relating to applicability of Minimum Alternate Tax (MAT) on them. The Government set up a committee under Justice A. P. Shah to examine the issue raised by them. On the recommendations of the committee, an amendment in section 115JB of the Income-tax Act,… Read More »
If either the loss brought forward or unabsorbed depreciation is nil, then the assessee is not allowable any deduction under this clause for computing the book profit under section 115JB. IN THE ITAT PANAJI BENCH Indian Furniture Products Ltd. v. Assistant Commissioner of Income-tax, Circle-2, Goa N.S. SAINI, ACCOUNTANT MEMBER AND GEORGE MATHAN, JUDICIAL MEMBER… Read More »
Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies. A Committee had been constituted, with the approval of the Finance Minister, to suggest the framework for computation of book profit for the purposes of levy… Read More »
Whether while computing book profit under section 115JB, Central Government grant received by assessee for modernisation of machinery and compensation received from State Government for loss to its compound wall, could be deducted from net profit computed as per Parts II and III of Schedule VI of Companies Act, 1956 ? The Assessing Officer has… Read More »
Where some of the amounts included in the book profits as per Explanation (h) to section 115JB were brought in by the Finance Act, 2008 with retrospective effect from 1st April, 2001, Whether assessee can be held to be liable for failing to make a provision for payment of advance tax which was not possible… Read More »