MAT computation excludes carried forward losses for companies undergoing admitted corporate insolvency resolution and clarifies foreign company exceptions. Amendment to section 115JB adds a provision excluding from MAT computation the aggregate of unabsorbed depreciation and brought forward losses for a company whose corporate insolvency resolution process has been admitted, defines the Adjudicating Authority reference, excludes depreciation from the definition of loss for this purpose, restricts the 'books of account' reference to companies other than those in the insolvency clause, and inserts a retrospective clarification that the section never applied to foreign companies whose income is solely from specified businesses taxed under special presumptive provisions.
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Provisions expressly mentioned in the judgment/order text.
MAT computation excludes carried forward losses for companies undergoing admitted corporate insolvency resolution and clarifies foreign company exceptions.
Amendment to section 115JB adds a provision excluding from MAT computation the aggregate of unabsorbed depreciation and brought forward losses for a company whose corporate insolvency resolution process has been admitted, defines the Adjudicating Authority reference, excludes depreciation from the definition of loss for this purpose, restricts the "books of account" reference to companies other than those in the insolvency clause, and inserts a retrospective clarification that the section never applied to foreign companies whose income is solely from specified businesses taxed under special presumptive provisions.
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