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TMI Blog2023 (2) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... ad partly allowed the appeal against the Assessment Order, dated 31.03.2021, passed under Section 143(3) read with Sections 143(3A) & 143(3B) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. The Appellant has raised following grounds of appeal: "(I) DISALLOWANCE OF MAT CREDIT U/S 115JAA OF RS. 30,07,048/- (1) On the facts & circumstances and in law the learned CIT(A), NFAC, Delhi [referred to as "CIT(A)"] erred in dismissing claim of set-off of MAT credit for A.Y. 2017-18 of Rs. 30,07,048/- without appreciating that the learned Assessing Officer had disallowed the MAT credit without issuing any show-cause notice in this regard, which violated the principles of natural justice. (2) On the facts & circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll before the due date of filing of return of income for the year under consideration. (2) On the facts and circumstances and in law, the learned CIT (A) ought to have allowed in view of the judgment of the jurisdictional high court of Bombay in case of CIT Vs. Ghatge Patil Transport Ltd. [reported in 368 ITR 749] which held that employess's contribution to PF & ESI, if remitted within the due date prescribed u/s 139(1) of the Act for filing the income tax returns, would be allowed as deduction u/s 43B of the Act. (3) On the facts and circumstances, it is prayed that the claim of Your Appellant may be allowed." 3. The relevant facts, in brief, that assessment was framed on the Appellant vide order dated, 31.03.2021, passed under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . As regards Ground No. (I)(1) to (5), the Ld. Authorised Representative for the Appellant submitted that the Appellant was entitled to claim set off of MAT credit of INR 30,07,048/- carried forward from the Assessment Year 2017-18. Taking us through the computation sheet, he submitted that the authorities below failed to appreciate that tax liability under the normal provisions was more than the MAT under Section 115JB of the Act. Therefore, the Appellant was entitled to claim credit of MAT under Section 115JAA of the Act. Per contra, the Ld. Departmental Representative, relying upon the order passed by the Assessing Officer submitted that the assessed income of INR 10,10,71,110/- was less than Book Profits of INR 14,20,29,764/- computed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 115JB of the Act. We hold that in the facts and circumstances of the present case the income tax for the Assessment Year 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 of the Act. Accordingly, we direct the Assessing Officer 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. In terms of the aforesaid directions, Ground No. (I)(1) to (5) is allowed. 8. As regards Ground No. (II)(1) to (3) pertaining to disallowance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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