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2016 (5) TMI 485 - ITAT DELHI

2016 (5) TMI 485 - ITAT DELHI - TMI - Tax credit of MAT disallowed - Held that:- By applying the ratio of the judgment in case of K. Srinivasan (1971 (11) TMI 2 - SUPREME Court) and provisions contained under Explanation (2) of section 115JB, we are of the consider view that the CIT (A) has erred in not giving the due credit of MAT u/s 115JAA of the Act as MAT includes surcharge on MAT as well as education cess and the same was undisputedly paid by the assessee during the year under assessment. .....

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2013 passed by CIT (A) confirming the rectification order u/s 154 of the Income-tax Act, 1961 (hereinafter the Act ) passed by the Assessing Officer qua the Assessment Year 2010-11 on the grounds inter alia that:- 1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in not giving due tax credit of MINIMUM ALTERNATE TAX (MAT) of ₹ 5,11,611/- under section 115JAA of Income Tax Act, 1961 as claimed by the .....

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ut giving adequate opportunity of hearing and without following the principles of natural justice. 4. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in charging interest u/s 234B and 234C of Income Tax Act, 1961. 5. That the appellant prays for leave to add, alter, amend or delete any of the above Grounds of Appeal either before or at the time of hearing. 2. Briefly stated, the facts of this case are : th .....

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154, a demand of ₹ 5,95,010/- has been raised. 3. The assessee carried the matter before the ld. CIT (A) who has dismissed the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. The ld. CIT (A) dismissed .....

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nd gross tax payable comes to ₹ 72,73,251/-. The credit for tax paid u/s 115JAA has been given at ₹ 38,46,706/-. I further find that regular tax has been calculated at ₹ 72,73,251/-. The surcharge of ₹ 7,27,325/- and education cess of ₹ 2,40,017/- has been added making the total regular tax at ₹ 82,40,593/-. Tax under MAT has been calculated at ₹ 34,26,545/- and surcharge on MAT at ₹ 3,42,654/-. Thus, the total of tax under MAT comes to ₹ 37, .....

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mity in the order passed u/s 154. Therefore, these grounds are rejected. 6. Undisputedly, the assessee has claimed the credit of ₹ 43,58,317/- inclusive of surcharge and education cess on the total amount of MAT i.e. ₹ 38,82,274/-. The CIT (A) disallowed the claim of the assessee to the tune of ₹ 5,95,010/- on the ground that credit of surcharge and education cess on the total amount of MAT is not allowable. 7. Now, the sole question arises for determination in this case is as .....

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and additional surcharge wherever provided. The surcharge, the special surcharge and the additional surcharge form a part of income-tax and super-tax. Sub-section (2) of section 2 of the Finance Act, 1964, provides that, when the total income of an assessee not being a company includes any income chargeable under the head "Salaries", income-tax and super-tax payable by the assessee on the salary portion of the total income shall be the proportionate amount payable according to the rat .....

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