2009 (4) TMI 43

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..... at assessee is entitled to adjust the MAT credit before charging interest u/s 234B and 234C – Whether the MAT credit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 AND Whether Tribunal was right in holding that MAT credit is to be set off from the tax payable before setting off the Tax deducted at Source and Advance tax paid – held that Rule 12 .....

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..... the order was revised under Section 154. Consequent to the order of the Commissioner of Income Tax (Appeals) the Assessing Officer while giving effect to the appellate order, denied the adjustment of the MAT credit. Aggrieved against the order of the Assessing Officer, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who following the decision of the Tribunal directed .....

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..... t can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1? 3. Whether the interest under Section 234 B and 234 C had to be calculated after giving the MAT credit against the tax payable on the basis of normal computation? 3. We heard the arguments of the learned counsel for the appellant and perused the materials available on record. 4. The ve .....

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..... ue 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 1st and 2nd questions of law, the Division Bench has observed as follows:- "18. In the present case, the intention of the legislature is to give tax .....

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..... Accordingly, we answer the questions 2 and 3 also in favour of the assessee and as against the Revenue. Thus all the questions of law have been answered against the revenue in favour of the assessee. 6. The questions of law in this case also are identical as the one considered by the Division Bench. Following the Division Bench Judgment cited supra, the appeal is dismissed. - - TaxTMI - .....

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