2016 (5) TMI 485

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....fter 'the Act') passed by the Assessing Officer qua the Assessment Year 2010-11 on the grounds inter alia that:- "1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in not giving due tax credit of MINIMUM ALTERNATE TAX (MAT) of Rs. 5,11,611/- under section 115JAA of Income Tax Act, 1961 as claimed by the assessee in its return of income. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in holding that claim of the assessee for an amount of Rs. 43,58,319/- as MAT credit is not allowable. 3. That in any case and in view of the matter, action of Ld. CIT(A) in confirming ....

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....e appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. The ld. CIT (A) dismissed the claim of the assessee as to not giving the due tax credit for MAT to the tune of Rs. 5,11,611/- u/s 115JAA of the Act by returning following findings :- "5.3 I have carefully considered the submissions of the Id. AR and perused the order passed by the CPC, Bangalore. I find that in the order u/s 154 dated 16.08.2012 it has been mentioned in the column 1 serial no. 19 against tax payable of total amount comes to Rs. 72,73,251/-. The tax payable u/s 115JB comes to Rs. 34,26,545/- and gross tax payable comes to Rs. 72,73,251/-. The credit for ta....

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....tal amount of Rs. 38,82,274/-." 8. This issue has been decided by the Hon'ble Apex Court in judgment cited as Commissioner of Income-tax, Kerala vs. K. Srinivasan - (1972) 83 ITR 346 and the operative part of the judgment is reproduced for ready reference as under :- " The term "income-tax" as employed in section 2 of the Finance Act, 1964, includes surcharge and additional surcharge wherever provided. The surcharge, the special surcharge and the additional surcharge form a part of income-tax and super-tax. Sub-section (2) of section 2 of the Finance Act, 1964, provides that, when the total income of an assessee not being a company includes any income chargeable under the head "Salaries", income-tax and super-tax payabl....