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TMI Blog2015 (2) TMI 1180X X X X Extracts X X X X X X X X Extracts X X X X ..... dit against the tax liability prior to levy of surcharge and education cess - Held that:- We direct the Assessing Officer to allow the MAT credit against the tax liability payable before surcharge and education cess or alternatively the amount of MAT credit should also be inclusive of surcharge and education cess and then allow the credit against the tax payable inclusive of surcharge and education cess. - ITA No. 7287/Mum/2012 - - - Dated:- 12-2-2015 - Vijay Pal Rao (Judicial Member) And D. Karunakara Rao (Accountant Member) For the Assessee : Hitesh Joshi For the Revenue : Hari Govind Singh ORDER Vijay Pal Rao (Judicial Member) This appeal by the assessee is directed against the order dated 25.09.2012 of CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n terms of sections 234B and 234C in accordance with law and to recompute its tax liability accordingly. 2. Ground no. 1 is regarding short credit of MAT given by the Assessing Officer. 3. We have heard the Ld. AR as well as Ld. DR and considered the relevant material on record. We note that the CIT(A) while deciding this issue in para No. 4.2 directed the Assessing Officer to give the credit to the assessee of the MAT arrived at after giving appeal effect to the orders of the Tribunal and CIT(A). Accordingly, this ground of appeal was allowed by the CIT(A). Thus we find that on this issue, the assessee has no grievance against the order of CIT(A). Further the Ld. Authorized Representative of the assessee has submitted that despite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so far as is material, the relevant entries in the form (Part B-TTI) are as follows: 3. Gross tax payable (enter higher of 2c and 1) 4. Credit under section 115JAA of tax paid in earlier years (if 2c is more than 1) (7 of schedule MATC) 5. Tax payable after credit under section 115JAA [3-4] 6. surcharge on 5 7. Education cess, including secondary and higher education cess on (5+6) 8. Gross tax liability (5+6+7) 6 The aforesaid entries leave no manner of ambiguity in regard to the method of computation of tax liability. Entry 3 requires computation of the gross tax payable. Under entry 4, credit is required to be given under section 115JAA of the Act of the tax paid in earlier years. Entry 5 requires a comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including the surcharge and education cess then the surcharge and education cess on the tax liability has to be calculated only after allowing the MAT credit. Alternatively, the amount of MAT credit should also include surcharge and education cess for the purpose of allowing the credit against the tax liability inclusive of surcharge and education cess. Therefore, the MAT as well as normal tax before allowing the MAT credit has to be taken on parity either exclusion of surcharge and education cess or inclusive of surcharge and education cess or inclusive of surcharge and education cess. Accordingly we set aside the orders of authorities below and direct the Assessing Officer to allow the MAT credit against the tax liability payable before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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