Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1247 - HC - Income TaxSet off of MAT Credit - MAT credit set off from the tax payable before setting off the Tax Deducted at Source and Advance Tax paid - Held that:- The issue has no longer res integra and has been settled by the Hon'ble Supreme Court in the case of CIT V. Tulsyan NEC Ltd.(2010 (12) TMI 23 - SUPREME COURT OF INDIA). The issue involved in the batch of appeals before the Supreme Court filed by the Department was relating to the question as to whether MAT Credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Section 234A, 234B and 234C - Substantial questions of law Nos.1 and 2 are answered in terms of the decision of the Hon'ble Supreme Court in Tulsyan NEC Limited [2010 (12) TMI 23 - SUPREME COURT OF INDIA]. Interest u/s 234D - Held that:- The date from which interest is leviable is not an issue before this Court and it is not a substantive question of law framed for consideration in this appeal. Nevertheless, the submission of the learned counsel for the Assessee has been noted because it would be a consequential proceedings, which will flow from the answers given by us to the substantial questions of law 3 and 4. Therefore, it is well open to the Assessee to canvass all these issues before the Assessing Officer, while computation of interest takes place. With the above observations, the Tax Case Appeal filed by the Revenue is allowed
|