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2023 (2) TMI 1110 - AT - Income TaxSet off of Credit of MAT u/s 115JB - HELD THAT:- According to Section 115JB of the Act income tax payable is to be compared with the specified percentage of Book Profits computed u/s 115JB. In the case before us the AO as compared the assessed income with the Book Profits and thereby, arrived at the incorrect conclusion that income tax is payable under MAT provisions contained in Section 115JB. We hold that in the facts and circumstances of the present case the income tax for the AY 2018-19 would be payable under normal provisions and therefore, the Appellant would be entitled to claim set-off of the MAT credit as per the provisions of Section 115JAA - Accordingly, we direct the AO to verify the records and re-compute the tax liability of the Appellant after granting the set off of MAT credit as available to the Appellant in terms of Section 115JB of the Act while passing order giving effect to the decision in the present appeal.
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