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2018 (8) TMI 1255 - AT - Income TaxDisallowance u/s 36(1)(iii) - assessee has given interest free advances to its subsidiary company - related party covered under s.40A(2)(b) - Held that:- The assessee has own funds (interest free) which is nearly six times of the corresponding interest free advances. Thus, on facts presumption required to be drawn in favour of the assessee that interest free investment in sister concern is utilized out of own funds. - CIT(A) has corrected deleted the additions - Decided against the revenue. Allowability of set off of MAT credit - Held that:- The co-ordinate bench thus took a view that for the purposes of tax credit under s.115JAA of the Act, tax would include surcharge and education cess. In parity, we hold identically. - Decided against the revenue.
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