https://www.taxtmi.com/caselaws?id=758810 The dominant issue was whether MAT under s.115JB applied to a company in voluntary liquidation and whether failure to compute book profit justified revision under s.263. The ITAT held that any company falling within s.115JB must compute book profit unless specifically excluded within the provision; no statutory exception covers voluntary liquidation, so MAT applied and the Pr. CIT's revision on this point was upheld, resulting in dismissal of the challenge. On the plea of inability to compute book profit due to the Companies Act framework, the ITAT found the assessee's own disclosures showed profits and losses could be determined and a profit and loss statement prepared for MAT computation; this contention was rejected, and the appeal was dismissed. en-us Tue, 10 Sep 2024 00:00:00 +0530 Mon, 05 Jan 2026 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758810 The dominant issue was whether MAT under s.115JB applied to a company in voluntary liquidation and whether failure to compute book profit justified revision under s.263. The ITAT held that any company falling within s.115JB must compute book profit unless specifically excluded within the provision; no statutory exception covers voluntary liquidation, so MAT applied and the Pr. CIT's revision on this point was upheld, resulting in dismissal of the challenge. On the plea of inability to compute book profit due to the Companies Act framework, the ITAT found the assessee's own disclosures showed profits and losses could be determined and a profit and loss statement prepared for MAT computation; this contention was rejected, and the appeal was dismissed. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758810