Dear All,

With a view to minimize the genuine hardship faced by companies against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under Insolvency and Bankruptcy Code, 2016, the Central Board of Direct Taxes (CBDT) has issued a Press Release dated 6th January, 2018 stating that, in case of such companies, with effect from Assessment Year 2018-19 the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the purposes of levy of MAT under section 115JB of the Act.

Appropriate legislative amendment in this regard will be made in due course.

Click Here for Press Release