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2009 (4) TMI 415 - MADRAS HIGH COURTMinimum Alternate Tax- The assesseee for the assessment year 2002-03 was assessed on a total income of Rs. 35,88,383/- determining the tax and surcharge at Rs. 12,81,053. After determining the tax the Assessing Officer deducted tax at source and advance tax calculated interest under section 234B and 234C of the Act and thereafter allowed brought forward tax credit under section 115JA. According to the assessee, the tax credit could have been treated on par with the tax deducted at source and tax credit should have been given right at the beginning. The appeal filed by the assessee was allowed by the Commissioner (Appeals). This was upheld by the Tribunal. Held that- dismissing the appeal, that the credit under section 115JAA should be given effect charging of interest under section 234B and 234C.
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