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2015 (9) TMI 1176 - AT - Income TaxCredit for MAT paid in earlier assessment years at par with other prepaid taxes - Held that:- After hearing the rival submissions and perusing the material available on record, we find that the Hon’ble Supreme Court in the case of Sage Metals Limited reported in (2012 (10) TMI 802 - SUPREME COURT) has held as under:- “Entitlement of MAT credit is not dependent upon any action taken by the Department. However, quantum of tax credit will depend upon the assessment framed by the Assessing officer. Thus, the right to set off arises as a result of the payment of tax under section 115JA(1) although quantification of that right depends upon the ultimate determination of total income for the first assessment year”. Therefore, as rightly pointed out by the ld. Sr. Counsel for the assessee, first the total income has to be determined for the assessment year 1999- 2000 and 2000-2001. We, accordingly, restore the matter back to the file of Assessing Officer for fresh adjudication in accordance with law after providing reasonable opportunity of being heard to the assessee. - Decided in favour of revenue for statistical purposes.
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