USHA MARTIN TELEMATICS LIMITED,KOLKATA vs. D.C.I.T.,CIRCLE-6(2), KOLKATA

This appeal at the instance of the assessee is directed against the order of ld. CIT(A)-2, Kolkata dated 15.10.2018.

From perusal of the grounds, we notice that the sole grievance of the assessee is that both the lower authorities erred in not granting the credit of Minimum Alternate Tax (in short ‘MAT’) of Rs. 1,25,75,975/- u/s 115JAA of the Act against the taxes payable by the assessee under the normal provisions of the Act.

We have heard rival contentions and perused the records placed before us. We notice that the assessee is a limited company engaged in the business of investment in securities and providing finance. Income of Rs. 3,87,60,900/- declared in the return filed on 27.09.2013 for AY 2013-14. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(1) of the Act and after carrying out the assessment proceedings which were completed on 08.03.2016 u/s 143(3) of the Act income of the assessee assessed at Rs. 3,87,60,900/- and book profit assessed at loss of Rs. 12,47,02,112/-. The income tax computation form attached to the assessment order shows that no credit u/s 115JAA of the Act was given by ld. AO. Before us, reference was made to the details of taxes paid by the assessee for AY 2008-09, AY 2010- 11 & AY 2011-12 as per the normal provisions and tax paid as per MAT provisions and the credit available with the assessee and the same is reproduced below in the form of a chart: Assessment Tax as per normal Tax paid as per MAT Available credit Year ('AY’) provisions (Rs) provisions (Rs) (Rs) 2008-09 31,200 1,93,03,789 19,272,589 2010-11 71,340 5,29,96,538 52,925,198 2011-12 NIL 40,71,773 40,71,773 Total 1,02,540 7,63,72,100 7,62,69,560