9911796707
TMI Blog2024 (9) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the year, we find that the assessee has utilized total MAT credit which is clearly discernible from the details in table in para 3 of this order. We find that the ld. CIT(A) while granting relief to the assessee has followed in Consolidated Securities Ltd. [ 2018 (7) TMI 1722 - ITAT DELHI ] On careful perusal of said decision, we find that the issue in the present appeal is directly covered by the said decision wherein it was held that the amount of MAT credit available from earlier year inclusive of surcharge and education cess etc. should be reduced from the amount of tax determined on total income of current year after adding surcharge and education cess. Thus, respectfully following the decision of Consolidated Securities Ltd. [ 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case are that the assessee is a company, engaged in the business of transportation as well as clearing and forwarding agent, filed its return of income for A.Y. 2013-14 on 28/09/2013 declaring income of Rs. 1,19,01,640/-. Initially, assessment was completed under Section 143(3) of the Income Tax Act, 1961 (in short, the Act) on 11/03/2016 after making ad hoc disallowance of certain expenses of Rs. 1.07 lac thereby assessing total income of Rs. 1.20 crore. The assessment was revised by the ld. Pr.CIT by exercising his jurisdiction under Section 263 of the Act vide order dated 20/03/2018. The assessment order was revised by taking a view that the assessee has claimed set of off Minimum Alternative Tax (MAT) of Rs. 13,53,636/- under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e @ 7.50% - 1,83,616 1,83,616 - 1,83,616 1,83,616 Education Cess @ 2% 7,035 52,636 59,671 - 59,671 59,671 S.H. Education Cess @ 1% 3,518 26,318 29,836 - 29,836 29,836 Total 3,62,321 27,10,788 30,73,109 17,19,473 13,53,635 30,73,109 The assessee further stated that the order of ld. CIT(A) under Section 263 was not communicated to them. The assessee also relied on the decision of Delhi Tribunal in Consolidated Securities Ltd. Vs ACIT reported in (2018) 96 taxmann.com 418 (Delhi Trib) and submitted that the amount of MAT credit available from earlier year inclusive of surcharge. 4. The ld. CIT(A) on considering the submission of assessee and by following decision of Delhi Tribunal in Consolidated Securities Ltd. Vs ACIT (supra) held that the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secondary higher education cess should be reduced from the tax determined on total income of current year while considering the amount of MAT credit available from earlier years. We find that the assessee has furnished the details of MAT credit available and utilized in different assessment years which we have recorded in para 3 of this order. From the details of MAT credit utilized during the year, we find that the assessee has utilized total MAT credit of Rs. 13,53,636/- which is clearly discernible from the details in table in para 3 of this order. 7. We find that the ld. CIT(A) while granting relief to the assessee has followed the decision of Delhi Tribunal in Consolidated Securities Ltd. Vs ACIT (supra). On careful perusal of said de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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