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2016 (1) TMI 940 - AT - Income TaxCredit of taxes paid and set off of MAT credit as per the provisions of section 115JAA - Pro rata quantification of the demerged undertaking MAT, TDS and advance tax credits - Held that:- As once the demerged gas distribution undertaking no more exists w.e.f. 01-01-2007 coming to be the appointed day, the assessee-resulting company is entitled for all the pro rata adjustments of TDS, advance tax and MAT credits as per law; to be utilized in former's account. The net result of our above discussion is that assessee's arguments in principle are accepted in view of clauses of the above stated demerger scheme, sections 391 to 394 of the Companies Act, Section 2(19AA) of the Income Tax Act. We direct the Assessing Officer to compute pro rata quantification of the demerged undertaking MAT, TDS and advance tax credits as per law after affording adequate opportunity of hearing
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