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TMI Blog2016 (5) TMI 485X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner : Shri Rakesh Gupta, Somil Agarwal and Abhishek Anand, Advocates For the Respondent : Shri K.K. Jaiswal, DR ORDER Per Kuldip Singh, Judicial Member Appellant, M/s. AMQ Agro India Pvt. Ltd. (hereinafter referred to as the assessee ), by filing the present appeal sought to set aside the impugned order dated 14.11.2013 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee u/s 154 for getting full credit, he was not allowed full credit and vide order dated 16.08.2012 passed u/s 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 the claim of the assessee as to not giving the due tax credit for MAT to the tune of ₹ 5,11,611/- u/s 115JAA o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 to whether the assessee is entitled for the credit of ₹ 43,58,319/-, by calculating surcharge and education cess on the total amount of ₹ 38,82,274/-. 8. This issue has been decided by the Hon ble Apex Court in judgment cited as Commissioner of Income-tax, Kerala vs. K. Srinivasan (1972) 83 ITR 346 and the operative part of the judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed thereunder had to be charged. 9. Even otherwise Explanation 2 of section 115JB categorically clarifies that the amount of Income-tax shall inter alia include surcharge, if any and education cess on income-tax etc. For facility of reference, provisions contained under Explanation (2) of section 115JB are reproduced as under :- [Explanation 2.-For the purposes of clause (a) of Explanation 1, the amount of income-tax shall include- (i) any tax on distributed profits under section 115-O or on distributed income under section 115R; (ii) any interest charged under this Act; (iii) surcharge, if any, as levied by the Central Acts from time to time; (iv) Education Cess on income-tax, if any, as levied by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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