Income Tax Act Section 115JB: MAT Book Profit Adjustments Limited to 1% of Exempted Income to Avoid Litigation.

Income Tax Act Section 115JB: MAT Book Profit Adjustments Limited to 1% of Exempted Income to Avoid Litigation. https://www.taxtmi.com/highlights?id=64926 MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the clause (f) to Explanation-1 of Sec. 115JB of the Act to make the disallowance independently. Therefore our action for restoring back the issue to the file of AO would unnecessarily cause further litigation. Thus we limit the disallowance on an ad-hoc basis @ 1 % of the exempted income as per the clause (f) to Explanation-1 of Sec. 115JB of the Act. - AT en-us Tue, 02 Aug 2022 11:31:04 +0530 Tue, 02 Aug 2022 11:31:04 +0530 TaxTMI RSS Generator Income Tax Act Section 115JB: MAT Book Profit Adjustments Limited to 1% of Exempted Income to Avoid Litigation. https://www.taxtmi.com/highlights?id=64926 MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the clause (f) to Explanation-1 of Sec. 115JB of the Act to make the disallowance independently. Therefore our action for restoring back the issue to the file of AO would unnecessarily cause further litigation. Thus we limit the disallowance on an ad-hoc basis @ 1 % of the exempted income as per the clause (f) to Explanation-1 of Sec. 115JB of the Act. - AT Highlights Income Tax Tue, 02 Aug 2022 11:31:04 +0530 https://www.taxtmi.com/highlights?id=64926