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HomeDirect TaxDebatable MAT Loss Adjustment Can’t Be Rectified U/s 154: ITAT Quashes Rs....

Debatable MAT Loss Adjustment Can’t Be Rectified U/s 154: ITAT Quashes Rs. 40.68 Crore Demand Against Fiat India

Direct Tax

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By Mariya Paliwala
Debatable MAT Loss Adjustment Can’t Be Rectified U/s 154: ITAT Quashes Rs. 40.68 Crore Demand Against Fiat India

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The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has quashed a Rs. 40.68 crore tax demand raised against Fiat India Automobiles Pvt. Ltd., holding that adjustments relating to brought-forward losses and unabsorbed depreciation while computing book profits under Section 115JB (MAT provisions) involve debatable issues and cannot be reopened through rectification proceedings under…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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