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of <h1>Carry forward original or reduced MAT credit; if reduced, taxpayer pays tax, surcharge, cess and interest; half reduction if favorable</h1> Where a dispute concerns reduction of MAT credit to be carried forward, the declarant may either (i) treat the reduced amount as disputed tax and carry forward the original credit ignoring the reduction, or (ii) carry forward the reduced credit. If option (ii) is chosen, the declarant must pay resulting tax, surcharge, cess and interest arising from carrying forward the reduced credit. Where the reduction relates to issues decided in the declarant's favour, only half of the reduction is to be applied in computing the reduced MAT credit. MAT credit means the tax credit as defined in law.
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