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TMI Blog2018 (5) TMI 2057X X X X Extracts X X X X X X X X Extracts X X X X ..... it available under Section 115JB on account of income-tax, surcharge and education cess have to be deducted and the net tax payable after setting off credit available under Section 115JB of the Act has to be worked out - HELD THAT:- It is not in dispute that if surcharge and education cess form part of incometax, then it has to be adjusted against the tax liability under the MAT scheme. Article 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2011-12. 2. Shri Asish Tripathy, the Ld. Departmental Representative, submitted that the only issue arises for consideration is whether the surcharge and education cess is part of the income-tax. Placing reliance on the decision of Mumbai Bench of this Tribunal in M/s Savita Oil Technologies Ltd. v. ACIT in I.T.A. No.3066/Mum/2015 dated 07.02.2017, the Ld. D.R. submitted that the surcharge and e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the tax payable. 3. On the contrary, Sh. R. Vijayaraghavan, the Ld.counsel for the assessee, submitted that surcharge and education cess are part of income-tax in view of Article 271 of the Constitution of India. Placing reliance on the judgment of Apex Court in CIT v. K. Srinivasan (1972) 83 ITR 346, the Ld.counsel submitted that income-tax includes surcharge and education cess. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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