https://www.taxtmi.com/caselaws?id=274168 A State Financial Corporation was held not to fall within the definition of "company" for the purpose of Minimum Alternate Tax under sections 115JA and 115JB read with section 2(18)(a) of the Income-tax Act merely because of section 43 of the State Financial Corporations Act. The Court stressed that a taxing provision must be construed strictly on the basis of the Income-tax Act itself, and a deeming fiction in another statute cannot extend MAT liability unless the Act clearly brings the entity within its terms. The issue was decided in favour of the assessee and against the Revenue. en-us Thu, 06 Jul 2017 00:00:00 +0530 Tue, 31 Jul 2018 21:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274168 A State Financial Corporation was held not to fall within the definition of "company" for the purpose of Minimum Alternate Tax under sections 115JA and 115JB read with section 2(18)(a) of the Income-tax Act merely because of section 43 of the State Financial Corporations Act. The Court stressed that a taxing provision must be construed strictly on the basis of the Income-tax Act itself, and a deeming fiction in another statute cannot extend MAT liability unless the Act clearly brings the entity within its terms. The issue was decided in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 06 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274168