Re: Rule 10 of VSV
Sir,
The assessee filed ROI under 115JB and pay tax of Rs. 75 lacs wherein normal tax is around Rs. 50 lacs. So it carry forward MAT credit of Rs. 25 lacs. In next two years it had utilized Rs. 10 lacs from MAT credit of Rs. 25 and Rs. 15 lacs is still not utilized.
Thereafter, assessment was made and tax was determined Rs. 150 lacs due to some disallowances. The matter is pending with CIT(A).
Which amount is payable under option 1 and 2(with interest)?
The assessee has to find out what is the amount disputed in appeal and tax payable thereon . Once tax is paid interest is waived . As regards MAT credit the assessee can refer circular No 9 dt 22-4 2020 , Question no 53 the Board has to clarify . It is desirable to contact the designated authority and get the clarification .
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