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2011 (2) TMI 1237 - HC - Income TaxWhether Tribunal is right in holding that TDS and prepaid taxes should be set off against the total taxes payable and then only a MAT credit should be allowed - Whether the Tribunal was correct in holding that on the MAT credit over which refund had been allowed, interest u/s. 244A has to be paid by ignoring the proviso to Section 115JAA(2) of the Act – Held that:- MAT credit is to be set off first, thereafter TDS, then the advance tax paid and then the tax paid along with returns, no interest is claimable against the MAT credit. Therefore, it is clear that under no circumstances, MAT credit can become the subject matter of refund. It is only liable to be adjusted for five years and it does not carry any interest, decision in favour of the assessee and against the revenue
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