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MAT adjustment under sec 115JA for eligible profits of sec 80-IA undertaking to be made based on “book profits”
80HHE deduction available to a non-resident as per non-discrimination clause in Article 26 of India-USA tax treaty: Ahmedabad ITAT Special Bench
100% diminution in value of investment to be added to "book profits" under MAT
Carry forward and set off of speculative losses relating to period prior to March 31st 2005 – allowed upto 8 years –
Tax losses from dividend stripping transactions entered before April 2001 cannot be disallowed: Calcutta HC
“State” taxes paid in US eligible for tax credit as per sec 91 even though credit not available as per treaty provisions
No deduction allowable for liability towards unapproved pension scheme- Calcutta HC
CIT’s revisionary power u/s 263 correctly exercised in case of non application of mind by AO by ignoring the material facts- HP High Court
AO can initiate “re-assessment” u/s 148 even after dropping rectification proceedings u/s 154