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TMI Blog2009 (4) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... computing the interest under Section 234-B and 234-C – intention of the legislature is to give tax credit to tax and not to the tax and interest – Form-I cannot lay down the order of priority of adjustment of TDS, advance Tax, MAT credit under Section 115JAA which is contrary to the provisions of the Act – revenue appeal dismissed X X X X Extracts X X X X X X X X Extracts X X X X ..... t from that the assessee is also aggrieved for having treated a credit available only in September 2002. Besides, the assessee also agreed by the computation of interest under Section 234-B and 234-C of the Income-tax Act. Against that order the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) and the Commissioner of Income-tax (Appeals) as far as the restriction of MAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that MAT credit has to be considered on payment of advance tax, therefore, such a payment or credit has to be taken into account while computing the interest under Section 234-B and 234-C of the Income-tax Act, 1961? 3. We heard the arguments of the learned counsel for the revenue and per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... beyond the provisions of the Act. Form-I cannot lay down the order of priority of adjustment of TDS, advance Tax, MAT credit under Section 115JAA which is contrary to the provisions of the Act. The order passed by the Tribunal is in accordance with law and we do not find any error or illegality in the order of the Tribunal so as to warrant interference. Accordingly, we answer the questions 2 and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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