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2018 (10) TMI 1900 - AT - Income TaxMAT credit u/s 115JAA - AO held that the MAT credit so worked out by the assessee, it has included surcharge and education cess which is not to be included for calculating the MAT credit as only tax is to be allowed to be carried forward as MAT credit and not surcharge and education cess as contemplated u/s 115JAA - whether for the purposes of computing the MAT credit u/s 115JAA of the Act, whether tax include surcharge and education cess or not? - HELD THAT- We refer to the provisions of section 115JB of the Act and in particular Explanation - 2 wherein the amount of income tax has been defined to include surcharge and education cess As decided in K. SRINIVASAN [1971 (11) TMI 2 - SUPREME COURT] Surcharge is part of income tax. This issue has been dealt with by the coordinate bench/Jaipur Bench of the Tribunal [2019 (1) TMI 30 - ITAT JAIPUR] and explanation-2 to section 115JB of the Act clearly states that tax includes surcharge and education cess. Thus, ground raised by the assessee as to whether income tax will include sur-charge and education cess so far as section 115JB and 115JAA are concerned, are allowed as indicated above.
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