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TMI Blog2009 (4) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... ature 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 – both the questions of law has to be necessarily answered in affirmative in favour of the assessee - 405 of 2007 - - - Dated:- 13-4-2009 - JUSTICE K. RAVIRAJA PANDIAN and JUSTICE M. M. SUNDRESH Mrs. Pushya Sitaraman for the Appellant. Mr. V. Ramachandran, Senior Counsel for Dr. Anitha Sumanth for the Respondent. JUDGMENT The Judgment of the Court was delivered by K. RAVIRAJA PANDIAN,J. - The revenue on appeal against the order of the Income Tax Appellate Tribunal dated 22.09.2006 passed in ITA. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law:- "1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that, Sales tax and Excise Duty do not form part of turnover for the purpose of calculation of deduction u/s 80HHC of the Income Tax Act, 1961?" 2. Whether in the facts and circumstances of the case, the Tribunal was right in holding that MAT credit is to be set off from the tax payable before levying interest under section 234B and 234C of the Income Tax Act, 1961?". 3. We have heard the argument of the learned counsel on either side. 4. Upon hearing, it is admitted by the counsel on either side that the first question of law is covered against the revenue by the decision of the Supreme Court in the case of Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to which one of us (K.Raviraja Pandian,j.) was a party, after considering various provisions viz., Sections 115JAA, 234A, 234B and 234C and 295 of Income-tax Act and Rule 12(1)(a) of the Income-tax Rules, 1962, held thus: "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 the Form-I to say that the MAT credit under Section 115JAA should be given only after tax and interest. Further we have answered the first question of law in favour of the assessee i.e. the MAT credit under Section 115JAA should be given effect to before charging the interest under Section 234B and 234C. Rule 12(1)(a) and Form-I cannot go beyond t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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