Assessed tax defined as net tax after credits and reliefs, forming the base for income tax interest computation. Assessed tax is the tax on total income determined in summary or regular assessment after deducting TDS/TCS, MAT and AMT credits, reliefs for income adjustment, and recognised foreign tax credits; this net figure is the base for computing interest under the income tax interest provisions.
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Provisions expressly mentioned in the judgment/order text.
Assessed tax defined as net tax after credits and reliefs, forming the base for income tax interest computation.
Assessed tax is the tax on total income determined in summary or regular assessment after deducting TDS/TCS, MAT and AMT credits, reliefs for income adjustment, and recognised foreign tax credits; this net figure is the base for computing interest under the income tax interest provisions.
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