Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT addressed MAT computation under Section 115JB regarding interest subsidy received under TUF scheme. The Tribunal held that capital receipts and exempt income are to be excluded while computing book profits. Relying on previous decisions in similar cases involving Reliance Industries Limited and consistent judicial precedents, the Tribunal affirmed the CIT(A)'s order deleting the addition of interest subsidy while calculating book profit. The Tribunal distinguished earlier judgments related to Section 115J and emphasized the specific applicability to Section 115JB. Ultimately, the decision was rendered against the revenue, confirming that the interest subsidy should not be included in book profit calculations.
ITAT addressed MAT computation under Section 115JB regarding interest subsidy received under TUF scheme. The Tribunal held that capital receipts and exempt income are to be excluded while computing book profits. Relying on previous decisions in similar cases involving Reliance Industries Limited and consistent judicial precedents, the Tribunal affirmed the CIT(A)'s order deleting the addition of interest subsidy while calculating book profit. The Tribunal distinguished earlier judgments related to Section 115J and emphasized the specific applicability to Section 115JB. Ultimately, the decision was rendered against the revenue, confirming that the interest subsidy should not be included in book profit calculations.
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TaxTMI 
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