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2010 (4) TMI 210 - BOMBAY HIGH COURTAdjustment of credit of MAT (Minimum Alternate Tax) – charge of interest u/s 234B – interest u/s 244A on refundable taxes – Held that: Since the tax due to the extent of available MAT credit stands paid, the levy of interest under Section 234B thereon would not arise. – Decision of Delhi High Court in the matter of Commissioner of Income Tax V/s. Jindal Exports Limited [2009 -TMI - 32986 - DELHI HIGH COURT] – Regarding interest on refund, as against the tax payable of Rs.2.46 crores, the tax paid by the assessee amounted to Rs.4.24 crores after giving due adjustment for MAT credit, TDS, advance tax and selfassessment tax. The assessee was, therefore, entitled to a refund of excess tax paid for assessment year 2000-2001 over and above the tax which was computed as being due and payable. Interest under Section 244A was allowable.
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