Tag Archives: Section 115JB

Applicability of MAT on foreign companies in India

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 »

No deduction u/s 115JB if brought forward loss or unabsorbed depreciation becomes Nil

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 »

Profit from sale of agricultural land is not book profit in Section 115JB

Q Whether Profit from sale of agricultural land would be included for purpose of computing book profit under section 115JB ? Profit from sale of agricultural land would not be included for purpose of computing book profit under section 115JB Profit arising on sale of agricultural land, which does not fall in the category of “Capital Asset”… Read More »

Section 115JB profit arising on sale of share

IN THE ITAT MUMBAI BENCH ‘D’ Dharmayug Investments Ltd. v. Assistant Commissioner of Income-tax, Range 1 (1), Mumbai B.R. BASKARAN, ACCOUNTANT MEMBER AND AMIT SHUKLA, JUDICIAL MEMBER IT APPEAL NO. 1284 (MUM.) OF 2013 [ASSESSMENT YEAR 2009-10] JUNE  10, 2015 While computing book profits under Section 115JB whether profit arising on sale of shares ought… Read More »