TMI Blog2017 (3) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... records. The record should pertain to the assessment year in question and not the earlier assessment years, as has been understood by the AO while denying the MAT credit to the assessee. In the return of income the assessee has sought MAT credit of ₹ 70,48,67,942/- which has been reduced to ₹ 34,38,72,162/- on the ground that assessment was made under the normal provisions of the Act for the A.Ys. 2006-07 to 2009- 10 and, therefore, no MAT credit is available to the assessee for these years. If the AO had this information on record, then it was incumbent upon the AO to select the return of income for scrutiny u/s. 143(2), because this was a record pertaining to earlier years on the basis of which he could have reason to beli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se and in law, the Commissioner of Income-tax (Appeals) -17 ( Hon ble CIT(A) ) erred in not appreciating the facts of the Appellant s case and the position in law adopted by the Appellant and thereby doing the following: a. Restricting the MAT credit under section 115JAA of the Income-tax Act, 1961 ( Act ) to ₹ 34,38,72,162 (instead of ₹ 70,48,67,942 as claimed by the Appellant in the return of income); and b. Confirming the demand to the extent of ₹ 46,32,69,200 as was determined in rectification order dated February 5, 2014, passed under section 154 of the Act by the Assessing Officer ( AO ). The Appellant prays that the AO be directed to grant the balance MAT credit of ₹ 36,09,95,780 and conseque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010-11 - 29,60,35,360 2011-12 - 4,78,36,802 Tax deducted at source 7,32,30,744 Advance Tax 77,50,00,000 Self assessment tax 55,00,000 The return of income was processed and an intimation was issued to the assessee under section 143(1) of the Act, dated 23 May 2013, wherein the total demand payable by the assessee was determined at ₹ 83,97,11,920/- by the AO. 3. The assessee aggrieved by the adjustment filed a petition for rectification u/s. 154 before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion given return of income and he cannot look beyond the return of income filed by the assessee. In support, certain decisions were also relied upon. However, the learned CIT (A) confirmed the order of the AO on the ground that no MAT credit was available to the assessee in the A.Ys. 2006-07 to 2009-2010 and, therefore, he has rightly denied the credit and also observed that the assessee could not produce any evidence to substantiate that MAT credit was available to the assessee for the years under consideration. 6. Before us, the learned counsel for the assessee submitted that under the scope and provisions of section 143(1), the AO could not have travelled beyond the return of income filed by the assessee and make adjustments based on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eclared in the return, however same is circumscribed to arithmetical errors in the return, accounts or documents accompanying the return of income which can be rectified. What could be prima facie admissible or inadmissible has to be decided on the basis of information available in the return of income or the documents accompanying the said return of income and not from the other records. The record should pertain to the assessment year in question and not the earlier assessment years, as has been understood by the AO while denying the MAT credit to the assessee. In the return of income the assessee has sought MAT credit of ₹ 70,48,67,942/- which has been reduced to ₹ 34,38,72,162/- on the ground that assessment was made under t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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