THE ASSESSEE COMPANY HAS PAID TAX UNER MAT ON BOOK PROFIT OF 6090471 BECAUSE THE COMPANY WAS HAVING BROUGHT FORWARD LOSSES.THE ASSESSEE HAS PAID TAX UNDER MAT OF RS 1368347 AS PER RETURN OF INCOME.
ADDITTIONS OF RS 5616738 WAS MADE UNDER 143(3) DETAILS ARE AS UNDER:
BOOK PROFIT AS PER TAX RETURN 6090471
ADDITIONS U/S 143(3) 5616738
TOTAL INCOME AS PER ASSESSMENT ORDER 11707209
TAX @ 18% 2107298
SC 158047
EC 67960
TOTAL TAX PAYABLE 2333305
LESS PREPAID TAXES 1368347
ASSESSEE HAS MADE APPLICATION UNDER VISVAD SE VISHWAS SCHEME AND CIT HAS ISSUED FORM 3.AS PER FORM 3 TOTAL TAX PAYABLE IS 2333305( SAME AS PER ASSESSMENT ORDER). HOWEVER, BENEFIT OF PREPAID TAX OF RS. 1368347/- WAS GIVEN IN ASSESSMENT ORDER BUT AS PER FORM 3 ISSUED BY CIT BENEFIT OF PREPAID TAX OF RS. 1368347/-HAS NOT BEEN GIVEN. KINDLY ADVISE:
WHETHER CIT IS CORRECT IN NOT GIVING CREDIT OF RS. 1368347/- OF PREPAID TAX.
IF CIT IS NOT CORRECT THEN HOW TO PROCEED AND IN WHAT MANNER.