« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  New IT Act in next session... For taxman, savings must all be the same... » MAT on real February, 15th 2008 MAT on real income only The Mumbai Tribunal has held that minimum alternate tax is levied on real book profits which have been earned by the companies. It cannot be levied on the artificial income, which has not accrued to the companies, but has been credited to the profit and loss account as per the accounting policies. In the case considered by the tribunal in this respect, the assessee was entitled by a scheme of government, to defer the payment of the sales tax collected, and was crediting the same to separate account as deferred liability. In the relevant year it revalued the liability at its present value and credited the difference to the profit and loss account. While computing book profits under section 115JA, it deducted the revaluation profit. The assessing officer disallowed the same. The Tribunal observed that items not having the character of the income should not form part of the book profit even though such items are credited to the profit and loss account. Deduction for demat expenses THE Bangalore Tribunal has recently said that amount paid to NSDL as one-time charges for converting its shares from physical certificate into dematerialise form are allowable expenditure under section 37(1). The assessee company paid certain amount to NSDL as one time charges for converting its shares from physical form to dematerialised form and claimed deduction of the same as a revenue expenditure. The AO held that since it was the liabilities of the respective shareholders to get shares converted into demat form and not that of the assessee-company, hence the expenditure was not allowable and even if liability was to be treated as that of assessee, the same was not allowable as revenue expenditure as the assessee derived an enduring benefit.