https://www.taxtmi.com/caselaws?id=450593 The ITAT Delhi ruled in favor of the assessee on two key issues. First, regarding MAT computation under section 115JB, the tribunal held that receipt from surrender of gift shares, being a capital receipt not covered under Explanation 1 to section 115JB(2), cannot be added back to book profits. The AO lacked authority to adjust audited financial statements beyond specifically mentioned items. Second, concerning disallowance of long-term capital loss, the tribunal found the off-market sale transaction between group companies at averaged market price legitimate, rejecting revenue's claim of sham transaction and allowing the capital loss claim. en-us Tue, 05 Mar 2024 00:00:00 +0530 Thu, 07 Mar 2024 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450593 The ITAT Delhi ruled in favor of the assessee on two key issues. First, regarding MAT computation under section 115JB, the tribunal held that receipt from surrender of gift shares, being a capital receipt not covered under Explanation 1 to section 115JB(2), cannot be added back to book profits. The AO lacked authority to adjust audited financial statements beyond specifically mentioned items. Second, concerning disallowance of long-term capital loss, the tribunal found the off-market sale transaction between group companies at averaged market price legitimate, rejecting revenue's claim of sham transaction and allowing the capital loss claim. Case-Laws Income Tax Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450593