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2012 (9) TMI 99 - AT - Income TaxDisallowance of credit of surcharge and education cess - MAT u/s 115JAA - Held that:- Section 115JB clearly talks that such book profit shall be deemed to be total income of the assessee and tax payable by the assessee on such total income shall be the amount of income tax at specified rate of tax which was 15% for the relevant year under consideration. The section does not talk about the income tax as increased by surcharge & education tax. It talks about only income tax. Therefore if only income tax is paid under the provisions of section 115JB it is natural that tax credit u/s 115JAA will only be of income tax and not of surcharge and education cess - against assessee. Interest u/s 234B & 234C - Held that:- As it is a mandatory provision and is consequential in nature and in view of our adjudication on ground 1 as decided against the assessee
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