2018 (12) TMI 1254

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.... has erred in directing the Assessing Officer to consider the payment of surcharge and education cess for the purpose of MAT credit. 2. In the assessment year under consideration, the assessee has claimed MAT credit of Rs..1,86,40,748/- inclusive of surcharge and cess. However, in the assessment order, the Assessing Officer has granted MAT credit of only Rs..1,30,06,509/- and the differences between the amount of MAT credit as per the return of income and computation of the Assessing Officer is on account of non-inclusion of payment of surcharge and education cess. 3. On appeal, by considering the submissions of the assessee that the computation of credit available for carry forward under section 115JAA of the Act in the year of pa....

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.... of MAT credit under section 115JAA of the Act. On perusal of the statement of total income for the year ended 31.03.2012, the Assessing Officer noticed that the assessee has claimed an amount equivalent to Rs..3,20,05,495/- as MAT credit. During the course of scrutiny proceedings, the assessee has submitted the details called for. After verifying the details, the Assessing Officer, while computing the MAT credit eligible to be set off, by considering the excess of tax payable under the normal provisions of the MAT, without considering the surcharge and education cess, computed the total income of the assessee. 6.1 On appeal, by following the decisions of the Coordinate Benches of the Tribunal in the case of Saint Gobin Gyproc Indi....

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....h is allowable and such MAT credit can be carried forward also. Under the provisions of Sec. 115JB tax components also includes surcharge and education cess. The ld. Authorised Representative reiterated his submissions made before the appellate proceedings were relief was granted. Before us, the ld. Departmental Representative relied on the findings of the Assessing Officer and argued to set aside the appeal. In reply, the ld. Authorised Representative relied on the decision of ITAT, Mumbai Bench Wyeth Limited vs. ACIT in ITA No.6682/Mum/2011, Dated 09.01.2015 which has endorsed the provisions of allowing MAT credit observed at page 4 in para 5 as under:- ''5. Thus it is clear that the Hon'ble High Court has taken into account the ....