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MAT credit should be adjusted in priority to other credit of taxes like TDS, advance tax or other taxes
Case Law Details
- Case Name
- CIT Vs M/s Ambattur Clothing Limited (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Brief of the case:
Madras High Court in the case of CIT Vs M/s Ambattur Clothing Limited held that for calculating the assessed tax priority has to be given to adjust the MAT credit then TDS and advance tax would be adjusted by relying on the decision of Supreme Court in [2011] 330 ITR 226 (SC) COMMISSIONER OF INCOME-TAX v.TULSYAN NEC LTD . Moreover for calculating the interest u/s 234B, MAT credit if available had to be adjusted.
Facts of the case:
The assessee declared its gross total income of Rs 6,50,15,073/- and the AO computed the normal income of Rs 1,33,06,600/- and book profit u/s 1...
