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TMI Blog2009 (4) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... m 1 - Whether the interest u/s 234B and 234C had to be calculated after giving the MAT credit against the tax payable on the basis of normal computation - questions of law answered in favour of the assessee - 875 of 2007 - - - Dated:- 30-4-2009 - JUSTICE K. RAVIRAJA PANDIAN and JUSTICE M. M. SUNDRESH Mrs. Pushya Sitaraman, for the appellant. Mr. R.Venkatnarayanan for M/s. Subbaraya Aiya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his order and accordingly gave MAT credit after charging interest under Section 234B and 234C. Aggrieved by the same, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who held that MAT credit is nothing but the assessee's credit lying with the Government available to the assessee for adjustment against the tax due in the subsequent years on normally computed income, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iority of set off against tax payable, contrary to the Scheme of Schedule G of Form 1? 3. Whether the interest under Section 234B and 234C 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 the respondent and perused the materials available on record. 4. The ve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duced 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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