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2009 (4) TMI 32 - HC - Income TaxMAT credit - Assessing Officer has calculated the interest payable u/s 234B and 234C without considering the MAT credit u/s 115JAA paid in the earlier years - held that assessee is entitled to adjust the MAT credit before charging interest u/s 234B and 234C - Whether the MAT credit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 – 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 priority of adjustment of TDS, advance Tax, MAT credit under Section 115JAA which is contrary to the provisions of the Act – appeal of revenue is dismissed
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