https://www.taxtmi.com/caselaws?id=395631 Section 115JB was treated as a self-contained MAT code, and relief linked to a BIFR rehabilitation scheme and SICA directions was confined only up to the assessment year in which the company's net worth became positive. On that basis, the claimed exemption from MAT was rejected. The article also notes that objections concerning reduction of book profit for loan-waiver credits, restructuring entries, and the lower of unabsorbed depreciation or business loss were not properly examined and needed factual verification. Those book-profit adjustment claims, including the rectification aspect under section 154, therefore required fresh adjudication by a speaking order. en-us Thu, 28 May 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395631 Section 115JB was treated as a self-contained MAT code, and relief linked to a BIFR rehabilitation scheme and SICA directions was confined only up to the assessment year in which the company's net worth became positive. On that basis, the claimed exemption from MAT was rejected. The article also notes that objections concerning reduction of book profit for loan-waiver credits, restructuring entries, and the lower of unabsorbed depreciation or business loss were not properly examined and needed factual verification. Those book-profit adjustment claims, including the rectification aspect under section 154, therefore required fresh adjudication by a speaking order. Case-Laws Income Tax Thu, 28 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395631