The issue pertains to the disallowance of excess Minimum ...

Taxpayer wins case on utilization of excess Minimum Alternate Tax credit, surcharge & education cess.

Case Laws     Income Tax

September 4, 2024

The issue pertains to the disallowance of excess Minimum Alternate Tax (MAT) credit u/s 115JAA and whether the amount of surcharge and education cess should be reduced from the tax determined on total income while considering the MAT credit available from earlier years. The Tribunal found that the assessee had furnished details of MAT credit available and utilized in different assessment years. It noted that the assessee had utilized the total MAT credit. The Tribunal followed the decision in Consolidated Securities Ltd., wherein it was held that the amount of MAT credit available from earlier years, inclusive of surcharge and education cess, should be reduced from the tax determined on total income of the current year after adding surcharge and education cess. Consequently, the Tribunal affirmed the order of the Commissioner of Income Tax (Appeals) and dismissed the revenue's appeal.

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