https://www.taxtmi.com/caselaws?id=310679 ITAT Mumbai ruled on multiple issues regarding MAT computation under Section 115JB. The tribunal held that corporate tax paid in Saudi Arabia cannot be added to book profit as it doesn't fall within Section 115JB's limited scope, relying on Apollo Tyres Ltd. Computer software expenditure addition was deleted as it falls outside Section 115JB's purview. Sales tax subsidy was treated as capital receipt, not taxable. The tribunal allowed deductions for provision of bad debts, director's retirement benefits, and wealth tax provisions. However, profit on sale of investments was included in book profit, and interest on tax refund was treated as income from other sources. PF and Labour Welfare fund additions were deleted as payments were made before due date. The tribunal partially allowed both revenue and assessee appeals. en-us Wed, 13 Mar 2019 00:00:00 +0530 Mon, 06 Nov 2023 18:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310679 ITAT Mumbai ruled on multiple issues regarding MAT computation under Section 115JB. The tribunal held that corporate tax paid in Saudi Arabia cannot be added to book profit as it doesn't fall within Section 115JB's limited scope, relying on Apollo Tyres Ltd. Computer software expenditure addition was deleted as it falls outside Section 115JB's purview. Sales tax subsidy was treated as capital receipt, not taxable. The tribunal allowed deductions for provision of bad debts, director's retirement benefits, and wealth tax provisions. However, profit on sale of investments was included in book profit, and interest on tax refund was treated as income from other sources. PF and Labour Welfare fund additions were deleted as payments were made before due date. The tribunal partially allowed both revenue and assessee appeals. Case-Laws Income Tax Wed, 13 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310679