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2016 (7) TMI 1574 - AT - Income TaxMAT credit - tax credit u/s 115JAA is to be given, whether after levying surcharge and education cess on the tax calculated as per the normal provision or before - whether adjustment on account of MAT credit is to be made against the tax determined under the normal provisions of the Income Tax Act, before levying surcharge and cess or otherwise? - HELD THAT:- MAT credit does not include surcharge and cess, which fact we find, has not been controverted by the Revenue. Therefore, following the proposition laid down by the co-ordinate Bench in the above noted cases, also the decision of Vacment India Ltd. [2014 (10) TMI 787 - ALLAHABAD HIGH COURT] we hold that the adjustment of MAT credit under section 115JAA is to be made from the tax determined as payable before including surcharge and cess thereon. Direct the AO to allow the MAT credit against the tax liability payable before surcharge and education cess.
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