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2018 (9) TMI 794 - HC - Income TaxSet off of MAT credit - before or after setting off the Tax Deducted at Source and Advance Tax paid - Whether MAT Credit can be given priority of set off against tax payable contrary to the scheme of Schedule G of Form 1? - Held that:- The Substantial Questions of Law, asframed for consideration in this Appeal, are squarely covered against the Revenue, in the light of the decision of the Hon'ble Supreme Court in the case of Commissioner of Income Tax vs. Tulsyan Nec Ltd Ltd. [2010 (12) TMI 23 - SUPREME COURT OF INDIA] also followed in the case of Commissioner of Income Tax vs. Aban Loyd Chiles Offshore Ltd [2014 (4) TMI 1013 - MADRAS HIGH COURT] as held that credit under Section 115JAA only should be given effect to and not to the tax and interest therefor and that interest under Sections 234A, 234B and 234C of the Act should be given after giving MAT credit under Section 115JAA. - credit under Section 115JAA should be given effect to before charging of interest under Sections 234A, 234B, 234C of the Act. - Decided in favour of assessee
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