amalgamation and assessee company has MAT
credit of Rs.59,79,032/- of AY 2010-11, As MAT
credit of Rs.42,12,285/- does ... MAT credit of Rs.59,79,032/-
during assessment year 2010-11 and MAT credit of
Rs.42,12,285/- was pertaining to amalgamating company
amalgamating company before amalgamation
becomes the property of the amalgamated
company by virtue of the amalgamation.
Similarly, all liabilities of the amalgamating
company before amalgamation ... accounting and recognition
of MAT credit as an 'asset' in the financial
statements. Thus, MAT credit of the
amalgamating company, which would
amalgamating company, since, by virtue of
amalgamation, the assessee steps into the shoes of amalgamating
company. Thus, it was submitted, carried forward MAT credit ... MAT credit
only in respect of company in whose case such MAT credit has arisen.
According to her, carry forward of MAT credit of amalgamating
that MAT credit is no different from the TDS
credit and hence the carry forward of MAT credit of erstwhile
company has to be allowed ... company to avail
MAT credit of amalgamating company, no such credit could be
allowed in the hands of the amalgamated company
MAT credit only in respect of company in whose
case such MAT credit has arisen. According to her, carry forward
of MAT credit of amalgamating ... which emerges is, the carried forward MAT
credit of amalgamating company can be taken credit of by
amalgamated company. Viewed in the aforesaid perspective
credit of amalgamated
company. The issue involved in this appeal is whether the amalgamated
company is entitled to allow the credit of entitled MAT credit ... amalgamated
company and the amalgamated company i.e. the assessee only continues
the business of the amalgamating company and claimed MAT credit.
However, the Assessing
contention of the Assessing
Officer in withdrawing set off of MAT credit of amalgamating company
M/s Alchemie Organics Limited claimed by the Appellant (amalgamated ... reveals that the assessee had submitted a note on MAT credit of
amalgamating Alchemie Organic Ltd. A perusal of the above documents
reveals beyond doubt
2149/chny/2017
assessee the benefit of MAT Credit entitlement on the amalgamation of
IndFund Management Ltd., with the assessee's bank ... amalgamation of the amalgamating company would become
assets and liabilities of the amalgamated company and,
therefore, the amalgamated company is entitled for the credit
erred in
disallowing the claim of credit under section 115JAA
of the Act (MAT Credit) amounting to INR 99,61,130
that was taken over ... utilization of the
assets of the amalgamated company by the amalgamating
company. No doubt MAT credit is one of such assets. Hence,
the appeal
declaring that the petitioner is entitled for
Minimum Alternate Tax (MAT) Credit of the amalgamated entity.
5. The facts of the case are that ... settled legal position so far as an amalgamated company being
entitled to MAT Credit pertaining to the transferee company after
the amalgamation having been taken
