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TMI Blog2011 (6) TMI 125X X X X Extracts X X X X X X X X Extracts X X X X ..... to provide along with tax deducted or collected at source, MAT credit under Section 115JAA also to be excluded while calculating assessed tax - As per decision of the Supreme Court in the case of Commissioner of Income Tax v. Tulsyan Nec Ltd. [2010 -TMI - 78806 - Supreme Court of India],decided in favour of assessee. - 1720 of 2008 - - - Dated:- 16-6-2011 - MS.JUSTICE HARSHA DEVANI, MR.JUSTIC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvited the attention of the court to the decision of the Supreme Court in the case of Commissioner of Income Tax v. Tulsyan Nec Ltd., [2011] 330 ITR 226 (SC) to submit that the controversy involved in the present case stands concluded by the said decision. (4) Mr. M. R. Bhatt, learned Senior Advocate for the appellant, is not able to dispute the aforesaid position of law. In the circumstances, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he relevant time excluded MAT credit for arriving at assessed tax. This led to immense hardship. The position which emerged was that due to omission on one hand MAT credit was available for set off for five years under Section 115JAA but the same was not available for set off while calculating advance tax. This dichotomy was more spelt out because Section 115JAA did not provide for payment of inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We reiterate that we cannot accept the case of the Department because it would mean that even if the assessee does not have to pay advance tax in the current year, because of his brought forward MAT credit balance, he would nevertheless be required to pay advance tax, and if he fails, interest under Section 234B would be chargeable. The consequence of adopting the case of the Department would mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Commissioner of Income Tax v. Tulsyan Nec Ltd. (supra), the question is, therefore, answered in the affirmative. The Income Tax Appellate Tribunal was right in law and on facts in directing the Assessing Officer to recompute interest under section 234B after giving credit of MAT. (8) The appeal is, accordingly, dismissed with no order as to costs. - - TaxTMI - TMITax - Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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