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TMI Blog2019 (1) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... . In any case, the decision of the Hon’ble Calcutta High Court in case of Srei Infrastructure Finance Ltd [2016 (8) TMI 967 - CALCUTTA HIGH COURT] supports the case of the assessee company. - decided in favour of assessee. - ITA. No. 163/JP/2017 - - - Dated:- 14-6-2018 - Shri Vijay Pal Rao, JM And Shri Vikram Singh Yadav, AM For the Assessee : Shri Rajeev Sogani (CA) For the Revenue : Smt. Poonam Rai (DCIT) ORDER PER: VIKRAM SINGH YADAV, A.M. This is an appeal filed by the assessee against the order of ld. CIT(A)- 01, Jaipur dated 14.12.2016 pertaining to assessment year 2011-12 wherein the assessee has challenged the action of ld. CIT(A) in confirming the action of the Assessing Officer in restricting the MAT c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has moved an application u/s 154 for AY 2010-11 for rectifying the quantum of MAT credit and the AO has since accepted that the assessee company is eligible to carry forward MAT credit of ₹ 10,41,894/- pertaining to AY 2010-11 vide its order dated 12.02.2018. It was further submitted that the Hon ble Supreme Court in case of CIT vs. K. Srinivasan [1972] 83 ITR 346 has held that the words income-tax would include surcharge and additional surcharge. Therefore, the tax paid and tax payable as per section 115JAA(2A) would include both surcharge and education cess and the MAT credit claimed by the assessee company is correct. Further, reference was drawn to the Coordinate Bench decision in case of ACIT vs. Smt. Zahida Bano (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovides as follows:- .. Second proviso to Sub-section (3):- .. All the provisions quoted above speak about income tax being increased by the amount of surcharge and cess. Can it in that case be contended that surcharge is anything other than Income Tax? We think the answer is no . 9. It is true that sub-section (1) of section 4 of the Income Tax Act provides for rate or rates of Income Tax to be stipulated by the Central Act. If the legislature chooses to realise part of the amount by way of tax and part of it by way of surcharge and cess thereon rather than providing for a higher rate to realise the intended amount of tax, can it be said that the rate of income tax is what appears to have been provided without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such, answer the question in the affirmative and against the assessee .. 6. Further, the reliance was placed on the decisions of Coordinate Bench in the case of Virtusa (India) (P) Ltd. vs. DCIT (2016) 157 ITD 1160 (Hyd) and in the case of Bhagwati Oxegen Ltd. vs. ACIT (2017) 51 CCH 0368 Kol Trib. It was accordingly submitted that the assessee has rightly claimed the MAT credit well within the four corners of provisions of section 115JAA. The relief may kindly be granted by allowing the MAT credit to the extent of ₹ 10,41,894/- as against ₹ 6,59,098/- allowed by the Assessing Officer. 7. The ld. DR is heard who has relied on the order of the lower authorities. 8. We have heard the rival contentions and perused the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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