Minimum Alternate Tax under section 115JB not payable on receipts that do not form part of the Total Income

In a recent decision, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) held that capital gains arising on transfer of capital assets from holding companies to their wholly owned subsidiaries, which was not liable to tax under section 45 of the Income-tax Act, 1961 (the Act) read with section 47(iv) of the Act, should be excluded from computation of book profits for levying Minimum Alternate Tax (MAT) under section 115JB of the Act