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TMI Blog2009 (12) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT vs. Jindal Experts Ltd., 2009 -TMI - 32986 - DELHI HIGH COURT followed - credit under Section 115JAA should be given effect to before charging of interest under Section 234A, 234B and 234C of the Act. We are in agreement with the reasoning given by the Delhi High Court. The learned counsel appearing for the revenue has not produced any materials or given compelling reasons to take a contrary view with that of the Delhi High Court - the intention of the legislature is to give tax credit to tax and not to the tax and interest. Once the intention is clear, the revenue cannot rely on the Form-I to say that the MAT credit under Section 115JAA should be given only after tax and interest. Rule 12(1)(a) and Form-I cannot go beyond the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Act vide order dated 07.02.2003. Subsequent to the completion of assessment, the Assessing Officer, on perusal of the records was of the view that credit of MAT was wrongly given in the same assessment year and therefore issued notice under Section 148 of the Act. The assessment was completed on 10.09.2007 under Section 143(3) by holding that the credits for MAT was wrongly given and on that score added a sum of Rs.81,84,000/-. (ii) The assessee carried the matter on appeal to the Commissioner of Income Tax (Appeals), ho allowed the appeal in favour of the assessee by following the decision of the Tribunal in the case of Chemplast Sanmar reported in 83 TTJ (Chennai) 427. (iii) Aggrieved against the order of the Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the credit under Section 115JAA should be given effect to before charging of interest under Section 234A, 234B and 234C of the Act. We are in agreement with the reasoning given by the Delhi High Court. The learned counsel appearing for the revenue has not produced any materials or given compelling reasons to take a contrary view with that of the Delhi High Court. In such circumstances, we answer the first question in favour of the assessee and against the revenue. 5. In respect of the 2nd question of law, the Division Bench has held that the intention of the legislature is to give tax credit to tax and not to the tax and interest. Once the intention is clear, the revenue cannot rely on the Form-I to say that the MAT credit under S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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