A contentious issue of MAT credit after amalgamations and demergers
Throughout its existence, numerous provisions dealing with business reorganisation have been inserted in the Income-tax Act, 1961 (‘the IT Act’) by the Legislature to promote economic growth, industrialisation and infrastructure development.
Two of the most important provisions in this regard relate to amalgamations and demergers, which have been made exempt from tax under the IT Act subject to the fulfilment of certain conditions. However, while statutory provisions have been laid down to govern various aspects of these modes of business reorganisation, one significant aspect which is yet to be addressed through legislative intervention is whether Minimum Alternate Tax (‘MAT’) credit of the predecessor company can be transferred to the amalgamated or resulting company.
If you let out your terrace space to a telecom tower company for it to put up a telecom tower, the income you earn thereby, cheer up, is to be treated only as ‘income from house property’ and is there
While dismissing a petition for staying a move to recover income tax and interest of ₹1,223 crore for the years 2009-10 to 2014-15, the Income Tax Appellate Tribunal, Mumbai, has had a few sharp words
$1.4 billion Cairn arbitration award: Nirmala Sitharaman says it s her duty to appeal
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$1.4 billion Cairn arbitration award: Nirmala Sitharaman says it s her duty to appeal
TIMESOFINDIA.COM / Updated: Mar 5, 2021, 17:10 IST
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Union finance minister Nirmala Sitharaman said it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned. (File photo)
NEW DELHI: Union finance minister Nirmala Sitharaman on Friday indicated the government will appeal against an arbitration panel asking India to return $1.4 billion to UK s Cairn Energy Plc.
When asked about a retrospective decision on Cairn Energy, Sitharaman said it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned.