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2015 (11) TMI 1511 - AT - Income TaxDisallowance under section 14A of the Act read with Rule 8D - Held that:- In the absence of requisite satisfaction recorded by the Assessing Officer showing how the disallowance offered by the assessee under section 14A was not correct having regard to its books of account, it was not permissible to the Assessing Officer in law to invoke section 14A and make a further disallowance. As such, considering all the facts of the case, we are of the view that the disallowance made by the Assessing Officer and confirmed by the ld. CIT(Appeals) under section 14A read with Rule 8D is not sustainable either in law or on the facts of the case and deleting the same we allow the ground in favour of assessee MAT - addition to be made on account of disallowance made towards interest under section 14A while computing book profits of the assessee-Company under section 115JB - Held that:- We find that this issue no more survives for consideration independently on merit as a result of deletion by us of the disallowance made by the Assessing Officer and confirmed by the ld. CIT(Appeals) on account of interest under section 14A while deciding Ground No. 1 involved in this appeal of the assessee. Consequently this ground is treated as allowed. - Decided in favour of assessee MAT credit against tax before levy of surcharge and education cess - Held that:- Assessee’s appeal is squarely covered against the assessee by the decision of the Hon’ble Supreme Court in the case of CIT -vs. - Tulsyan NEC Limited ( 2010 (12) TMI 23 - Supreme Court of India ), and respectfully following the same, we uphold the impugned order of the ld. CIT(Appeals) holding that MAT credit has to be allowed after calculation of tax plus surcharge and education cess - Decided against assessee
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