|Can availment of MAT credit be deferred. In other words, assessee wants to pay regular tax and does not wish to utilise available MAT credit for reducing the current tax liability. Assessee wishes to utilise available MAT credit in future years. Is there any bar in his doing so?
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|CA. H. N. Motiwalla
|Book profit - Deemed income - Tax credit - Availment of MAT credit u/s. 115JAA.
CIT v. Tulsyan NEC Ltd. [330 ITR 227], the Supreme Court held that the fact that the amount of credit to be allowed or to be set off is not frozen and is ambulatory does not take away / destroy the right of the assessee to the amount of tax credit.