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TMI Blog2009 (4) TMI 485X X X X Extracts X X X X X X X X Extracts X X X X ..... able before levying interest u/s 234B and 234C of the Income-tax Act, 1961 - Whether the MAT credit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 - Held that:- The very same issues have been considered by the Division Bench of this court in TCA. Nos. 887 of 2004 etc. batch on 9-4-2009 CIT v. Chemplast Sanmar Ltd. [2009 -TMI - 33295 - MADRAS HI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Subsequently the Assessing Officer considered the interest under sections 234B and 234C prior to MAT credit and thus completed the assessments. Aggrieved by the order of the Assessing Officer, the assessee filed appeal before the Commissioner of Income-tax (Appeals), who allowed the appeal in favour of the assessee for the above stated assessment years by relying upon his own order in the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions 234B and 234C of the Income-tax Act, 1961 ? 2. Whether on the facts and circumstances of the case the MAT credit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 ?" 3. We heard the arguments of the learned counsel for the appellant and perused the materials available on record. 4. The very same issues have been considered by the Division ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 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 Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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