9911796707
TMI Blog2021 (4) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... rred in not adjudicating the said Ground raised by the Appellant to grant Tax credit in respect of tax paid as per the provisions of se4ction 115JAA of the Act i.e., MAT amounting to Rs. 21,43,324/- pertaining to erstwhile VSNL Broadband Ltd. (which company stands merged with the Appellant) in earlier assessment year." 3. Brief facts are, the assessee company is in the business of providing international telecommunication services, national long distance service within India, internet related services, Inmarsat, and other value added services. The assessee company filed its return of income electronically on 29th September 2008, declaring total income of Rs. 216,72,38,850. Subsequently, the assessee filed revised return of income electroni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f MAT credit is covered by the decision of the Co-ordinate Bench in Ambuja Cements Ltd. v/s DCIT, ITA no.3643/Mum./2018, dated 5th September 2019. A copy of this order is placed on record. 6. The learned Departmental Representative submitted that the learned Commissioner (Appeals) has not adjudicated the issue, hence, he prayed that the issue may be restored to the file of the learned Commissioner (Appeals) to adjudicate the issue on merit. 7. Considered the rival submissions and on a perusal of the material on record, we find that the issue before us is mutatis mutandis identical to the issue decided by a Co-ordinate bench of this Tribunal in Ambuja Cements Ltd. (supra) for the assessment year 2007-08 wherein the Tribunal has decided the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsider the issue in the light of the ratio laid down in the aforesaid decisions, there cannot be two opinions that the assessee is entitled to claim carried forward MAT credit of the amalgamating company Ambuja Cement Eastern Ltd. It is necessary to observe, while completing the assessment in case of the amalgamating company Ambuja Cement Eastern Ltd. in Assessment Year 2006-07, the Assessing Officer has also concluded that carried forward MAT credit of Ambuja Cement Eastern Ltd. would be available in the hands of the present assessee. Keeping in view the assessment order passed in case of amalgamating company as well as the decisions referred to above, the principle which emerges is, the carried forward MAT credit of amalgamating company c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecifically directing the Assessing Officer to recompute interest u/s 244A of the Act payable on the refund arrived at after excluding interest granted in the earlier orders, as decided in the Appellant's own case." 11. Considered rival submissions and perused the material on record. We find that the issue in dispute has been decided against the assessee by the Co-ordinate Bench decision of this Tribunal in assessee's own case for the assessment year 2001-02 in ITA no.4221/ Mum./2005, etc., order dated 8th July 2015, a copy of which is placed on record, wherein the Tribunal following the decision of the Hon'ble Jurisdictional High Court in CIT v/s Indian Oil Corporation Ltd., 210 Taxmann 466 (Bom.) has rejected the claim of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,24,57,08,387 Less: Credit u/s 115JAA OF TAX PAID IN EARLIER YEARS BY ERSTWHILE vsnl Broadbank Ltd. (now merged with the assessee) A.Y. 2007-08 - 21,43,324 2,24,57,08,387 2,24,35,65,063 Surcharge @ 10% 22,45,70,839 22,43,56,506 Total Tax including surcharge 2,47,02,79,226 2,46,79,21,570 Education Cess @ 3% 7,41,08,377 7,40,37,647 Total Tax and Surcharge and Cess 2,54,43,87,603 2,54,19,59,217 Less: TDS - Cr thereon u/s 199 2,12,73,90,045 2,31,59,75,721 41,69,97,558 22,59,83,496 Less: Relief u/s 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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