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2009 (4) TMI 53 - MADRAS HIGH COURTWhether MAT credit is to be set off against from the tax payable before setting off the TDS and advance tax paid - Whether MAT Credit can be given priority of set off against tax payable - Whether the interest u/s 234B and 234C had to be calculated after giving the MAT credit against the tax payable on the basis of normal computation – held that 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 - held that the credit u/s 115JAA should be given effect to before charging of interest u/s 234A, 234B and 234C - held that revenue cannot rely on the Form-I to say that the MAT credit should be given only after tax and interest
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