https://www.taxtmi.com/caselaws?id=400181 For MAT credit computation under Section 115JAA, "tax" includes surcharge and education cess where the statutory scheme treats them as part of the tax liability. Reading Section 2(43) with Section 115JB and the relevant Finance Act provisions, the HC held that the expression "tax" is not confined to basic income-tax alone when surcharge and cess form part of the charge. The CBDT circular also supported this construction. The contrary view was found inapplicable on the facts, and MAT credit was held to include surcharge and education cess, in favour of the assessee. en-us Tue, 13 Oct 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400181 For MAT credit computation under Section 115JAA, "tax" includes surcharge and education cess where the statutory scheme treats them as part of the tax liability. Reading Section 2(43) with Section 115JB and the relevant Finance Act provisions, the HC held that the expression "tax" is not confined to basic income-tax alone when surcharge and cess form part of the charge. The CBDT circular also supported this construction. The contrary view was found inapplicable on the facts, and MAT credit was held to include surcharge and education cess, in favour of the assessee. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400181