Held that surcharge and cess, irrespective of whether same stand paid along with tax on ‘book-profit’ (MAT) and, further, irrespective of variation in its rate subsequently, would stand to be paid only for year for which tax is payable under regular provisions of Act, i.e., at an amount net of tax credit, and at rate applicable for that year, thus, there is no question of set off of surcharge/cess, as in case of tax, in absence of specific provisions in its respect. (AY. 2012-13)
Kerala Feeds Ltd. v. ACIT, CPC (2023) 202 ITD 803 /224 TTJ 641 (Cochin) (Trib.)
S. 115JAA : Company-Book profit-Deemed income-Tax credit-Companies-Surcharge and cess- Irrespective of variation in its rate subsequently, would stand to be paid only for year for which tax is payable under regular provisions of Act, i.e., at an amount net of tax credit, and at rate applicable for that year-No question of set off of surcharge/cess, as in case of tax, in absence of specific provisions in its respect. [S. 4, 115JB]