Mumbai ITAT rules on
quantum of carried forward MAT credit, holds that tax includes surcharge and
education cess for the purposes of computing the MAT credit for AY 2008-09,
follows Jaipur ITAT ruling in Eastern Jewels Pvt. Ltd.; AO had held that only
tax is to be allowed to be carried forward as MAT credit and not surcharge and
education cess, AO had accordingly restricted the MAT credit claim; Rejecting
Revenue’s action, ITAT cites SC ruling in K. Srinivasan wherein it was held
that surcharge is part of income-tax; Further takes note of Explanation 2 to
Sec. 115JB which provides that the amount of income tax shall include surcharge
and education cess :ITAT
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