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Provisions made for wealth tax not to be included in book profit for MAT computation

January 19, 2019[2019] 102 taxmann.com 142 (Bombay)/[2019] 261 Taxman 283 (Bombay)

IT: Where assessee had made provision for wealth tax, while computing book profit of assessee, it cannot be included in section 115JB

IT: Where on account of attack on World Trade Centre, financial market, collapsed and market value of bonds issued by assessee was brought down below their face value and, hence, assessee purchased its own bonds and extinguished them, profit gained in buy-back process could not be taxable under section 41(1) as assessee had not claimed deduction of trading liability in any earlier year

IT: Where assessee had purchased oil from Iraq and payments were made by an agent, there being no evidence to suggest that assessee had made any illegal commission payment to Oil Market Organization of Iraqi Government as alleged in Volckar Committee Report, Tribunal's order allowing payment for purchase of oil was to be upheld

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