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TMI Blog2014 (1) TMI 1774X X X X Extracts X X X X X X X X Extracts X X X X ..... ee company is now being assessed in place of erstwhile company and the TDS credit pertaining to the erstwhile company is being given credit to the assessee company, there is no reason why a different treatment should be given to the MAT credit available pertaining to the erstwhile company. We do not agree that there is need for specific mention in this regard in Section 115JAA as the Carry forward of MAT credit of erstwhile company by amalgamated company is in-built in the scheme of amalgamation as well as the scheme of MAT credit. In view of the above, we find no reason to interfere with the order passed by the ld. CIT(Appeals) in allowing the claim - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... lved in this appeal is whether the amalgamated company is entitled to allow the credit of entitled MAT credit or not. According to the Assessing Officer, the provisions of section 115JA and section 115JB of the Act are self contained sections and there is no provision under this section to allow credit of an amalgamating entity in the hands of the amalgamated entity. Accordingly, the Assessing Officer denied the claim of the assessee. 7. On appeal, the ld. CIT(Appeals), by following the ITAT order in the case of M/s. Ranganathan Industries Private Limited v. Addl. CIT in I.T.A. No.2434/Mds/2004, directed the Assessing Officer to allow the claim of the assessee. 8. Aggrieved, the Revenue is in appeal before the Tribunal. 9. The ld. DR sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany, which is also supported by Hon'ble High Court order in this regard. Further, when the assessee company is now being assessed in place of erstwhile company and the TDS credit pertaining to the erstwhile company is being given credit to the assessee company, there is no reason why a different treatment should be given to the MAT credit available pertaining to the erstwhile company. We do not agree with the learned Commissioner of Income Tax (Appeals) that there is need for specific mention in this regard in Section 115JAA as the Carry forward of MAT credit of erstwhile company by amalgamated company is in-built in the scheme of amalgamation as well as the scheme of MAT credit. Hence, we set aside the order of learned Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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