https://www.taxtmi.com/caselaws?id=421398 The Tribunal upheld the order of the ld. CIT(A) in favor of the assessee in an appeal against the Principal Commissioner of Income Tax 1, Chennai under section 263 of the Income Tax Act, 1961. The Tribunal found that the Alternate Minimum Tax (AMT) should be computed on Total Income after setting off losses with net profits, as per section 115JC of the Act. The appeal filed by the Revenue was dismissed, and the assessee's appeal was allowed, emphasizing the correct computation of Total Income for AMT. en-us Fri, 01 Apr 2022 00:00:00 +0530 Sat, 23 Apr 2022 08:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421398 The Tribunal upheld the order of the ld. CIT(A) in favor of the assessee in an appeal against the Principal Commissioner of Income Tax 1, Chennai under section 263 of the Income Tax Act, 1961. The Tribunal found that the Alternate Minimum Tax (AMT) should be computed on Total Income after setting off losses with net profits, as per section 115JC of the Act. The appeal filed by the Revenue was dismissed, and the assessee's appeal was allowed, emphasizing the correct computation of Total Income for AMT. Case-Laws Income Tax Fri, 01 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421398