TMI Blog2021 (8) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... ered by the decision of SREI Infrastructure Finance Ltd [ 2016 (8) TMI 967 - CALCUTTA HIGH COURT] thereby confirming the set off of MAT Credit u/s 115JAA brought forward from earlier years against tax on total income including surcharge and education cess instead of adjusting the same from tax on total income before searching surcharge and education cess. The Hon ble Calcutta High Court relied upon the decision of the Hon ble Apex Court in case of CIT Vs. Tulsyan Nec Ltd. [ 2010 (12) TMI 23 - SUPREME COURT] . Thus, there is no need to interfere with the findings of the CIT(A). Hence, the appeal of the Revenue is dismissed. - I.T.A. No. 7534/DEL/2017 - - - Dated:- 25-8-2021 - MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SH. PRASHANT MAHARISH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income. The MAT credit claimed by the assessee was ₹ 3,93,29,587/- which is the difference between the gross lax liability as per normal provisions and MAT provisions. The assessee claimed the MAT credit as per the formula embedded in the statutory income tax return form. Whereas the MAT credit allowed to the assesses as per order u/s 143(1) is Rs,3,40,92,9I5/- which is the difference between the base tax as per normal and MAT provisions, due to which the tax payable along with interest has been determined for ₹ 60,77,110/-. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. DR submitted that the CIT(A) erred in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing relief relied upon the following judgments: 1. Srei Infrastructure Finance Ltd. vs. DCIT 72 Taxman 239 (Calcutta), which in turn rel ied up CIT vs. Tulsyan Nec Ltd. 330 ITR 226 Taxman (Supreme Court) 2. AMQ Agro India Pvt. Ltd. vs. Assistant Commissioner of Income Tax- CPC, Bangalore TIOL 723 ITAT (Delhi) - copy enclosed at (PB 1-4).. The CIT(A) has also relied upon the statutory ITR Form No. 6 which also when appropriately and correctly filled up, calculates the MAT credit on gross basis including Surcharge and Education Cess and leaves no ambiguity on the issue. The Ld. AR further submitted that the order of the CIT(A) on this issue has to be upheld on account of following reasons:- 1. ITR Form No. 6 of filling up t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 012. The Ld. AR submitted that the said judgment was rendered in 2012 and judgment of Hon'ble Supreme Court in the case of K. Srinivasan (supra) which has been referred to and relied upon by the later judgments of the ITATs including Delhi ITAT, had not been cited or referred to or discussed in the said order of the Delhi ITAT in the case of Richa Global Exports (P) Ltd. (supra). Hence, judgment of the Delhi Tribunal in Richa Global Exports (P) Ltd. (supra) is per incuriam and does not interpret the law in correct perspective. The Ld. AR further submitted that otherwise also, the later judgments on this issue by Hon ble Delhi ITAT is in favor of assessee and also the judgment of Hon ble Hyderabad ITAT should be considered and relied upo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and relied upon by the AR in the case of Richa Global Exports (P) Ltd. (supra). However, The Delhi ITAT in the case of Richa Global Exports (P) Ltd. (supra) didn t comment or distinguish that judgment before arriving at the conclusion. Moreover, the only High Court judgment on this issue available is of Hon ble Calcutta High Court in the case of Srei Infrastructure Finance Ltd. (supra). , This judgment is required to be followed as there is no contrary judgment so far as per the Ld. AR. The dates on which various judgments were rendered is as under:- S. No. Case and Authority Name Date 1. Richa Global Exports (P) Ltd. - Delhi ITAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MQ Agro India (P) Ltd. (supra) case and Hon ble Calcutta s High Court view in Srei Infrastructure Finance Ltd. (supra) may be adopted and relief to the assessee be allowed. The Ld. AR further submitted that recently Hon ble Madras High Court in case of PCIT vs. Scope International Pvt. Ltd 429 ITR 500 (Mad) (2019) and CIT vs. Saint Globain Glass India 429 ITR 505 (2020) dismissed the department appeal and held that MAT credit u/s 115JAA includes surcharge and education cess. The Hon ble Madras High Court relied on the decision of the Hon ble Supreme Court in case of CIT vs. K. Srinivasan (supra). Relevant extract of Saint Globain India (supra) reproduced below: Para 14- In our considered view, the decision of the Hon'hle Supreme Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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