Tag Archives: Section 115JB

Tax effect of filing appeal in case of section 115JB / 115JC : CBDT Modified Circular 21/2015 dated 10.12.2015

By | July 15, 2017

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 »

115JB Book Profit- Unabsorbed Depreciation of earlier years allowed as Dedcution

By | March 25, 2017

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 »

Clarify whether MAT credit can be carry forward if 10 year period lapsed – Budget 2017-18 Suggestions

By | March 4, 2017

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 »

Applicability of MAT on foreign companies in India

By | November 26, 2016

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

By | October 11, 2016

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 »

Computation of book profit u/s 115JB for Ind AS Companies : Govt Invites Comments

By | August 5, 2016

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 »

section 115JB Govt grant for modernization of machinery is liable to MAT

By | September 28, 2015

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 »

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

By | September 8, 2015

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

By | July 28, 2015

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 »