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TMI Blog2009 (4) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... rest under section 234B and 234C of the Act and thereafter allowed brought forward tax credit under section 115JA. According to the assessee, the tax credit could have been treated on par with the tax deducted at source and tax credit should have been given right at the beginning. The appeal filed by the assessee was allowed by the Commissioner (Appeals). This was upheld by the Tribunal. Held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of Rs. 35,88,383 determining the tax and surcharge at Rs. 12,81,053. After determining the tax the Assessing Officer deducted TDS and advance tax calculated interest under sections 234B and 234C and finally brought forward tax credit under section 115JAA was allowed by the Assessing Officer. However, the assessee is aggrieved by this method of giving credit to the brought forward MAT credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 234C of the Act concluded that the MAT credit shall be set off before charging interest under section 234B and 234C of the Income-tax Act, 1961, is valid ?" 4. We heard the arguments of the learned counsel for the Revenue and perused the materials available on record. 5. The very same issue has been considered by the Division Bench of this court in T. C. A. No. 887 of 2004, etc., batch on Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi High Court. In such circumstances, we answer the first question in favour of the assessee and against the Revenue. . . '18. In the present case, 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 Form I to say that the MAT credit under section 115JAA should be given only after tax and inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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