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2009 (4) TMI 474 - AT - Income TaxMAT credit – Whether assessee is entitled for MAT credit for the assessment year under consideration - From the memo of income that out of the MAT credit available under s. 115JAA for the asst. yr. 1997-98 to the tune of Rs. 59,04,340, the balance sum of Rs. 14,69,706 was set off during the asst. yr. 2003-04 - According to section 115JAA the set off of tax credit cannot be allowed beyond the fifth assessment year immediately succeeding the assessment year in which tax credit becomes allowable - The carry forward is available for a total of six (1 + 5) years – Appeal is dismissed
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