21 May 2012
Suppose company A Pvt. Ltd having MAT Credit availabie of Rs. 100 Lacs. This compnay will be merged in Company B Pvt. Ltd. Whether Company B Pvt. Ltd can claim the MAT credit while filing its return of income. Please advise . If there is any case law pls provide us the citation reference.
21 May 2012
S. 115JAA does not specifically provide for the carry forward and set off of MAT credit of amalgamating company in the hands of the amalgamated company.
In SKOL Breweries Ltd. v. ACIT, 28 ITAT India 998 (Mum.) ITA No. 313/Mum./07 A.Y. 2003-04 decision dated 15-5-2008 the Tribunal allowed set off of MAT credit of amalgamating company in the hands of the appellant assessee being the amalgamated company
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