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2019 (1) TMI 30 - AT - Income TaxRestriction of MAT credit - whether for the purposes of computing the MAT credit u/s 115JAA whether tax include surcharge and education cess or not? - Held that:- In the instance case, as per the order of the AO passed u/s 154 dated 31.3.2010 for AY 2010-11, it has been stated that the assessee company has paid MAT u/s 115JB amounting to ₹ 40,15,518 and given that tax under normal provisions comes to ₹ 29,70,947, the MAT credit of ₹ 10,44,571 is allowed to be carried forward u/s 115JAA of the Act. Further, in view of explanation 2 to section 115JB, there is no dispute that the tax includes surcharge and education cess. In any case, the decision of the Hon’ble Calcutta High Court in case of Srei Infrastructure Finance Ltd [2016 (8) TMI 967 - CALCUTTA HIGH COURT] supports the case of the assessee company. - decided in favour of assessee.
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