ASSESSMENT OF INCOME A.Y.2011-12

[SUNIL CHAVAN]

We have filed I.T.R.FOR A.Y.2011-12 showing book profit of Rs.2,85,00,000/- and paid MAT Rs. 1,11,00,000. Recently assessment for the said A.Y. has been completed and A.O.has determined income of Rs.65,00,000/- disallowing Depreciation at the rate of 80 percent and allowing only at the rate of 15 percent .  and asked to pay Income tax on the said income as determined by the A.O.whether we are entitled for refund of MAT?  Further whether the Depreciation so disallowed can be adjusted and  to the block of assets so as to determine taxable income for the next A.Y.?

AI Summary

Clarification Sought on MAT Refund Eligibility and Depreciation Adjustment for 2011-12 Income Assessment Under Section 115JB A query was raised regarding the assessment of income for the assessment year 2011-12, where a book profit of Rs. 2,85,00,000 was reported, and a MAT of Rs. 1,11,00,000 was paid. The assessment was completed with the Assessing Officer determining an income of Rs. 65,00,000, disallowing depreciation at 80% and allowing it at 15% instead. The query seeks clarification on entitlement for a MAT refund and whether the disallowed depreciation can be adjusted against the block of assets for determining taxable income in the next assessment year. A response asked if the issue was clarified.