Answers On Topic: MAT credit
The assessing officer denied the MAT (Minimum Alternate Tax) on the ground that the appellant has availed the benefit of Vivad se Vishwas Scheme (VsV) and have permanently settled the dispute without considering the fact that the appellant has opted for VsV w.r.t the disputed income and the MAT credit as per return of income will not lapse as result of appellant opting for VsV. Kindly guide.
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Assessing Officer has made addition u/s 68 to the tune of Rs. 20 Lakhs under the head Income from Other sources to be taxed u/s 115BBE @60%. Assessee has PGBP Income to the tune of Rs. 2,30,989/-. Assessee has MAT Credit Available to the tune of Rs. 10,13,277/- and Total prepaid taxes paid to the tune of Rs. 11,76,212/-. Now while making the computation Sheet of Assessment Order, AO give the credit of Rs. 68997/- only and did not give the credit of Excess MAT Credit available to the tune of Rs. 944280/-. Rectification has been filed and no order…
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MAT credit