https://www.taxtmi.com/caselaws?id=395990 The Tribunal ruled in favor of the assessee, a private company, by overturning the CIT(A)'s decision. It directed the AO not to levy tax under MAT provisions after accounting for the set-off of brought forward losses and unabsorbed depreciation from previous years. Furthermore, the AO was instructed to permit the carry forward of business losses and unabsorbed depreciation to succeeding years in accordance with legal provisions. The Tribunal recognized that financial statements differ from books of account and emphasized the importance of considering accumulated losses for set-off against current profits, aligning with the purpose of MAT provisions. en-us Wed, 04 Mar 2020 00:00:00 +0530 Wed, 06 Nov 2024 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395990 The Tribunal ruled in favor of the assessee, a private company, by overturning the CIT(A)'s decision. It directed the AO not to levy tax under MAT provisions after accounting for the set-off of brought forward losses and unabsorbed depreciation from previous years. Furthermore, the AO was instructed to permit the carry forward of business losses and unabsorbed depreciation to succeeding years in accordance with legal provisions. The Tribunal recognized that financial statements differ from books of account and emphasized the importance of considering accumulated losses for set-off against current profits, aligning with the purpose of MAT provisions. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395990