Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Minimum alternate Tax (MAT) - Tax credit u/s 115JAA - surcharge and cess - Revenue (CPC) has admittedly applied surcharge and education cess on a tax credit u/s. 115JAA i.e., at 9.062%, or at a higher than applicable rate of 8.15%, resulting in an additional charge. As it appears, the levy of surcharge/cess while allowing tax credit, has not been on the amount of credit, but on Rs. 259.07 lacs, the tax payable under the regular provisions of the Act. - Whatever may be the behavior of the surcharge and cess rates over the two years, there is, per the said manner of allowing credit, it may be appreciated, no breach of the principle of non-double levy and, besides, is consistent with s. 115JAA. - AT
Minimum alternate Tax (MAT) - Tax credit u/s 115JAA - surcharge and cess - Revenue (CPC) has admittedly applied surcharge and education cess on a tax credit u/s. 115JAA i.e., at 9.062%, or at a higher than applicable rate of 8.15%, resulting in an additional charge. As it appears, the levy of surcharge/cess while allowing tax credit, has not been on the amount of credit, but on Rs. 259.07 lacs, the tax payable under the regular provisions of the Act. - Whatever may be the behavior of the surcharge and cess rates over the two years, there is, per the said manner of allowing credit, it may be appreciated, no breach of the principle of non-double levy and, besides, is consistent with s. 115JAA. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
