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2016 (11) TMI 209 - HC - Income TaxMAT credit to be set off from the tax payable before levying interest under section 234B and 234C - Held that:- We notice that the issues raised in the substantial question of law in the above appeals have been considered and the question was decided in favour of the assessee by the judgment of this Court in Commissioner of Income Tax Vs. Chemplast Sanmar Ltd, reported in (2009 (4) TMI 61 - MADRAS HIGH COURT ) affirmed in the case reported in Commissioner of Income Tax Vs. Tulsyan Nec Ltd.(2010 (12) TMI 23 - Supreme Court of India ), wherein held MAT credit would lapse after five succeeding assessment years under section 115JAA(3); that no interest would be payable on such credit by the Government under the proviso to section 115JAA(2) and that the assessee would be liable to pay interest under sections 234B and 234C on the shortfall in the payment of advance tax despite existence of the MAT credit standing to the account of the assessee. Thus, despite the MAT credit standing to the account of the assessee, the liability of the assessee gets increased instead of it getting reduced - Decided in favour of assessee
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