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2011 (1) TMI 1174 - KARNATAKA HIGH COURTMAT credit - before charging of interest under Section 234B and 234C - Assessing Officer levied the interest under Section 234B and 234C of the Income Tax Act without giving credit of MAT under Section 115JAA of the Art and passed the assessment orders, Appellate Commissioner held that as per the provisions of Section 115JAA, MAT Credit should be allowed before levy of interest under Section 234B and 234C of the Act – Held that:- Section 115JAA did not provide for payment of interest on the MAT credit. To avoid this situation, Parliament amended Explanation 1 to Section 234B by Finance Act, 2006 with effect from 1,4,2007 to provide along with tax deducted or collected at source, MAT credit under Section 115JAA also to be excluded while calculating assessed tax
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