TMI Blog2009 (4) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... ther the MAT credit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 AND Whether Tribunal was right in holding that MAT credit is to be set off from the tax payable before setting off the Tax deducted at Source and Advance tax paid – held that Rule 12(1)(a) and Form-I cannot go beyond the provisions of the Act. Form-I cannot lay down the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the Commissioner of Income Tax (Appeals), who allowed the appeal following the decision of the Tribunal in Chemplast Sanmar Limited. The assessee filed a second appeal before the Income Tax Appellate Tribunal. The Tribunal allowed the appeal in favour of the assessee following its earlier order in the case of Chemplast Sanmar Limited for the assessment year 2002-03 and held that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel for the appellant and perused the materials available on record. 4. The very same issues have been considered by the Division Bench of this Court in T.C.A.Nos.887 of 2004 etc. batch on 09.04.2009. In respect of the 3rd question of law, the Division Bench has answered in favour of the assessee and against the revenue by observing as follows:- "7. In respect of the first question of law, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ows:- "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 rely on the Form-I to say that the MAT credit under Section 115JAA should be given only after tax and interest. Further we have answered the first question of law in favour of the assessee i.e. the MAT credit under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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