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2018 (10) TMI 1836 - AT - Income TaxMAT credit including Surcharge & Edu.Cess - Tax credit in respect of tax paid on deemed income relating to certain companies u/s 115JAA - HELD THAT:- On careful reading, the sub-section 2A, the tax credit to be allowed shall be the difference of tax paid for any AY under sub-section (1) of 115JB and the amount of tax payable on his total income computed in accordance with the other provisions of this Act. The important word used is tax paid and as per the Hon’ble Apex Court decision in the case of K. Srinivasan [1971 (11) TMI 2 - SUPREME COURT] the term ‘tax’ includes surcharge. Sub-section (5) of section 115JAA. “Set off” in respect of brought forward tax credit shall be allowed for any AY to the extent of difference between tax on his total income and the tax which would have been payable u/s 115JB, as the case may be for that AY. On careful reading, the term used are tax not income tax or any other term. Needless to say the term tax includes surcharge.
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