2024 (9) TMI 131

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....llowing grounds of appeal: "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 6,69,259/- made on account of disallowance of excess MAT credit claimed by the assessee u/s 115JAA of the Act on account of surcharge and education cess. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition without appreciating that as per definition of tax in section 2(43) surcharge and education cess have not been included in the tax. 3. It is, therefore, prayed that the order of the Ld.CIT(A) may kindly be set aside and that of the Assessing Officer be restored. 4. The appellant craves leave to....

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....sessee has not furnished any reply. The Assessing Officer accordingly made disallowance of excess credit of MAT at Rs. 6,69,259/- in the assessment order passed under Section 144 r.w.s. 263 of the Act dated 31/08/2018. 3. Aggrieved by the additions by way of disallowance of MAT credit, the assessee filed appeal before the ld. CIT(A). Before the ld. CIT(A), the assessee submitted that while making disallowance of excess credit of MAT, wrong interpretation of law by not considering the surcharge and education cess as income tax. The assessee furnished details of MAT credit available and utilised in different assessment years in the following manner: Particular MAT Credit Taken MAT Credit Utilized       A....

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....ay of registered AD as well as by e-mail, therefore, we decided to adjudicated the appeal on the basis of material on record and considering the submission of learned Senior Departmental Representative (ld. Sr. DR) for the revenue. The ld. Sr. DR for the revenue supported the order of Assessing Officer and statement of facts filed on record and submits that surcharge education cess are not the component of income tax. On confronting the fact that tax effect involved in the present appeal is less than the monetary limit of Rs. 50.00 lacs as determined by the Central Board of Direct Taxes (CBDT) in its Circular No. 17/2019, the ld. Sr. DR for the revenue submits that in this case, the audit objection was raised and audit objection was accepte....