M/s.V.R.Farms Pvt Ltd vs. Deputy Commissioner of Income Tax

The appeals are dismissed

Bench: P.SAM KOSHY,SUDDALA CHALAPATHI RAO

234(1) defines the term ―assessed tax‖ to mean the tax determined under section 143(1) or upon a regular assessment as reduced by the Tax Deducted at Source (TDS). The said Explanation 1, prior to its amendment with effect from 01.04.2007, did not have any reference to MAT credit. Thus, in order to arrive at the figure of ―assessed