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TMI Blog2015 (1) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in holding that the amenities charges paid for central air conditioning of the shops sold should be treated only as an advance and not as a trading receipt? 2) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the receipt for allotment of car park should be treated as a returnable deposit when as per the sale deed, the ownership of the shop and the car park are inseparable? 3) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that MAT credit is to be set off from the tax payable before setting off the tax deducted at source and advance tax paid? 4) Whether on the facts and in the circumstances of the case, MAT credit can be given priority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al. Aggrieved by the said order of the Tribunal, the Revenue is before this Court by filing the present appeal. 3. Heard the learned standing counsel appearing for the Department and the learned counsel appearing for the respondent. 4. It is submitted by the counsel on either side that the first two substantial questions of law is squarely covered in favour of the Department in the assessee's own case reported in 303 ITR 366 (Commissioner of Income Tax Vs Mangal Tirth Estates Ltd.), wherein identical questions of law have been decided in favour of the Revenue. Accordingly, substantial questions of law Nos. 1 and 2 are answered in favour of the Revenue and against the assessee. 5. Insofar as the 3rd and 4th sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng with tax deducted or collected at source, the MAT credit under section 115JAA also to be excluded while calculating assessed tax. From the above, it is evident that any tax paid in advance/pre-assessed tax paid can be taken into account in computing the tax payable subject to one caveat, viz, that where the assessee on the basis of self-computation unilaterally claims set off or the MAT credit, the assessee does so at its risk as in case it is ultimately found that the amount of tax credit availed of was not lawfully available, the assessee would be exposed to levy of interest under section 234B on the shortfall in the payment of advance tax. We reiterate that we cannot accept the case of the Department because it would mean that even i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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