2021 (1) TMI 634

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....appeal in ITA No.5346/Mum/2017 for A.Y.2012-13 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-21, Mumbai in appeal No.CIT(A)-21/DCIT-13(1)(1)/IT-94/2015-16 dated 25/05/2017 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 28/02/2015 by the ld. Dy. Commissioner of Income Tax, Circle-13....

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....he Act at Rs. 17,44,045/- as against Rs. 18,86,185/- claimed by the assessee. Consequently, interest u/s.234C of the Act was also charged by the ld. AO for the deficit in tax. This difference in figure arose because of the fact the assessee computed the difference in tax payable under normal provisions of the Act and tax payable u/s.115JB of the Act after including surcharge and education cess to....

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....1. Less: MAT credit 18,86,185 (Sr. No. 3-6) 17,44,045 (Sr. No. 1-4) 12. Total tax 45,22,646 46,64,786 5. As per Section 115JAA(5), "set off in respect of brought forward MAT credit shall be allowed for any assessment year to the extent of the difference between the tax on total income and the tax which would have been payable under the provisions of Section 115JB of the Act for that assess....

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.... are automatically picked from yet another schedule in the same ITR form i.e. 1d of Part-BTT1 and 5 of part-B-TT1, wherein the figures mentioned thereon, represent tax payable under normal provisions and u/s.115JB of the Act respectively, which is admittedly inclusive of surcharge and education cess. Hence, there is absolutely no scope for ignoring surcharge and education cess for the purpose of c....