Read all Latest Updates on and about Section 115JB of the Income Tax Act

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ITAT grants Dual Relief to Bennett Coleman: Deletes ₹6.26 Crore Disallowance and Allows Indexation Benefit on STT Paid Securities [Read Order]

Advika Dwivedi

The appeal was filed by Bennett Coleman & Co. Ltd., who is engaged in the business of buying and selling media properties, against the order...

SHIS, FPS Incentives and Carbon Credit Receipts held Capital in Nature, Excludable from Book Profit...

Penalty u/s 271(1)(c) of the Income Tax Act Requires Verification of Loss: ITAT Orders...

MAT Adjustment on Goodwill Amortisation Not Permissible: ITAT Rules in Favour of SC Johnson Pvt Ltd

Depreciation on Goodwill Arising from Amalgamation Allowed in Book Profits: ITAT Rules in Favour of...

Relief for Bank of Baroda: ITAT Rules MAT Provisions u/s 115JB Not Applicable [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) granted relief to Bank of Baroda by holding that the Minimum Alternate Tax ( MAT ) provisions under Section 115JB of the Income Tax...

ITAT Dismisses Revenue’s Appeal, Rules S.14A Disallowance Not Applicable to Oriental Insurance [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal, affirming that Section 14A of the Income Tax Act, 1961, disallowance does not apply to Oriental Insurance Co....

ITAT Quashes Reassessment as AO Fails to Address Objections in Proceedings [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the reassessment proceedings because the Assessing Officer (AO) failed to address the assessee's objections during the...

Gains from Excluded Capital Assets not included as Book Profits u/s 115JB Not Liable to be included as Income: Delhi HC [Read Order]

The Delhi High Court recently held that gains accrued from capital assets entitled to statutory exemption that have not been included to ‘book profits’ under Section 115JB of the Income Tax Act, 1961...

Reserve Transfers by NBFCs under RBI Act not Allowable Deduction in Computing Assessable Income: Madras HC [Read Order]

The Statutory Reserves transferred by the Non-Banking Financial Companies ( NBFCs ) under the Reserve Bank of India ( RBI ) Act is not allowable deduction computing assessable income under the...

RBI - Reserve Bank of India - RBI Act - NBFC - NBFC Reserve Transfers - TAXSCAN

Banking Companies Exempt from Minimum Alternate Tax u/s 115JB from AY 2013-14: ITAT rules in favour of Canara Bank [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of Canara Bank that Banking Companies are exempted from Minimum Alternate Tax ( MAT ) under Section 115JB of the Income...

Non-Compete Fee to be treated as Revenue Receipt from Post-Amendment to S.28 of Finance Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the non-competitive fee received by the assessee is treated as 'revenue receipt' in the hands of the assessee but only...