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Computing Book Profit

Highly Debatable issues do not fall within the Category of 'Mistake Apparent from Record': ITAT dismisses Rectification Application [Read Order]

Taxscan Team

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that a highly debatable issue does not fall within the ambit of a “mistake...

Profit from Sale of Agricultural Land, not a 'Capital Asset', cannot be included while computing...

Long-Term Employees Benefits Deductible while Computing Book Profit: ITAT [Read Order]

Income being a Share in AOP or BOIs excludable while Computing Book Profit u/s 115JB: ITAT [Read...

Excise Duty Refund is Capital Receipt, Excludable while Computing Book Profit: ITAT [Read Order]

Disallowance u/s 14A r/w Rule 8D can’t be made while computing Book profit: ITAT [Read Order]

Kolkata bench of Income Tax Appellate Tribunal in ACIT vs M/s Adhunik Metaliks Ltd dismissed the appeal of Revenue and ruled that disallowance u/s 14A of the Act read with Rule 8D can’t be made while...

Provisions for NPAs are Liable to be added back while Computing Book Profit under Section 115JA: Delhi High Court [Read Judgment]

The Delhi High Court has ruled that Provisions for Non Performing Assets (NPA) are liable to be added back while computing book profit under Section 115JA of the Income Tax Act. The Assessee engaged...