#section 115jb

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If Assessee is taxed under ‘MAT’ to ‘MAT’ - No Escapement, No Reopening

If Assessee is taxed under ‘MAT’ to ‘MAT’ – No Escapement, No Reopening

- CA Vidhan Surana & CA Sunil Maloo

An epiphany on Reopening u/s 148- If Assessee is taxed under ‘MAT’ to ‘MAT’ – No Escapement, No Reopening

The AO is empowered to assess or reassess the total income of the Assessee by reopening the Assessment, invoking the provisions of section 148 of the Act. The authors have visualized in-depth manifestation with respect to the jurisdiction of the AO in…

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Rebate of STT paid u/s 88E available against tax calculated u/s 115JB

Rebate of STT paid u/s 88E available against tax calculated u/s 115JB

Assessing Officer has computed the taxable income of the assessee company under the normal provisions of the Act as well as under the special provisions of section 115JB of the Act. While computing the book profit u/s 115 JB, the Assessing Officer has not allowed the rebate on account of STT u/s 88E of the Act from the book profit of the assessee company. In a decision in the case of M/s Horizon…

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Interest Us/ 234B & 234C i payable on failure to pay advance tax in respect of tax payable u/s 115JA/115JB

Interest Us/ 234B & 234C i payable on failure to pay advance tax in respect of tax payable u/s 115JA/115JB

Section 115JB, with which we are concerned, is a self-contained code pertaining to MAT, which imposed liability for payment of advance tax on MAT companies and, therefore, where such companies defaulted in payment of advance tax in respect of tax payable under Section 115JB, it was liable to pay interest under Sections 234B and 234C of the Act. (more…)

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Adjustment in book profit for depreciation not permissible in depreciation amount is certified by the auditor

Adjustment in book profit for depreciation not permissible in depreciation amount is certified by the auditor

Itis an admitted fact that the assessee has changed the method of depreciation from straight line method to written down value method. Deprecation has been calculated in accordance with the new method from the date of assets coming into use. Therefore depreciation for the current year was higher and profit was lower by the same amount. The Hon’ble jurisdictional High Court in the case of Kinetic…

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Sec 154 cannot be resorted for applying sec 115JB of the Income Tax Act,1961

Sec 154 cannot be resorted for applying sec 115JB of the Income Tax Act,1961

CA Prarthana Jalan

In the case of Cardinal Drugs Pvt Ltd.Hon’ble ITAT has observed that there was no scope for the A.O. to have resorted to the provision of Section 154 of the Act for the purpose of enhancing the income of the assessee.by stating as under:- (more…)

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Disallowance U/s. 14A is to Be Made For Computing Book Profits U/s. 115JB

CIT vs. Goetze (India) Ltd (Delhi High Court)

These appeals by the Revenue relates to Assessment Year 2001-02. The respondent-assessee, as noticed above, namely, Federal-Mogul Goetze (India) Limited, had filed return of income on 31st October, 2001…

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Guidance Note on Report under section 115JC of Income-tax Act, 1961

The Finance Act, 2011 for the first time introduced the provisions relating to Alternate Minimum tax for the Limited Liability partnerships. In order to moderate the outgo of profit linked deductions, the Finance Minister in the year 2012, extended the…

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Mandatory e-filling of Audit report u/s. 44AB, 92E & 115JB

CA Pardeep Kumar

Mandatory ELECTRONIC FILLING of Chartered Accountant’s report under section 44AB, 92E & 115JB of Income Tax Act, 1961

Relevant Notification:- Notification No. 34/2013/F.No.142/5/2013-TPL dated 01/05/2013.

Effective Date:- 01.04.2013 i.e.…

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