2008 (3) TMI 9 - SCH - Income Tax

Allowance of Credit of MAT u/s 115JJ before charging interest u/s 234B and 234C Question of Law High Court has dismissed the appeal by holding that there is no question of law arouse SC directed the HC to restore the appeal and decide the matter of merit since question of law is apparent.

Summary

Summary of the legal judgment:

- Supreme Court granted leave for the case.
- The substantial question of law was about allowing credit for MAT before charging interest under Income Tax Act.
- High Court erred in dismissing Department's appeals as no substantial question of law arose.
- The interpretation of Section 234-B in the context of short payment of interest on advances tax needed to be determined.
- The Civil Appeal was allowed, impugned judgment set aside, and the case was remanded to the High Court for further consideration.