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2004 (3) TMI 62 - ITAT CHENNAISection 115JA - legislature has used the word 'tax' and not 'tax and interest under ss. 234B and 234C of the Act' - the intention of the legislature is to allow set off of the MAT credit from the 'tax' and not from the total amount including 'tax and interest' - CBDT has framed the forms for filing the returns of income for the companies and while framing Form No. 1, the delegated authority, namely, the CBDT, has included Sch. G (statement of tax) to Form No. 1. While drafting this Schedule the Board has given the order of preference of adjustment of TDS, advance tax and tax credit under s. 115JAA. While doing so the Board has first prescribed charging of interest under ss. 234A and 234B and then has prescribed to give credit for MAT credit available under s. 115JAA of the Act. - Sch. G to Form No. 1 is totally against the intention of the legislature which has been clearly prescribed in s. 115JAA - Rules cannot be contrary to the provisions of sections or the intention of the legislature.
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