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2010 (5) TMI 67 - HC - Income TaxCharge of interest u/s 234B and 234C – The Assessing Officer had passed an order under Section 154 of the Income Tax Act, 1961 on 25.10.2004 whereby excess MAT credit allowed earlier to the assessee was withdrawn and a demand of Rs 64,32,260/- was raised. The assessee’s contention was that the interest under Section 234B and 234C of the said Act should have been charged after setting off the MAT credit allowable under Section 115JAA. The Assessing Officer, however, did not agree with this submission of the assessee. – CIT(A) decided in favor of assessee and directed the Assessing Officer to allow MAT credit before charging interest under Section 234B and 234C – ITAT is a rectification order upheld the order passed by CIT(A). Held that: We find no infirmity in the order passed by the Income Tax Appellate Tribunal. No substantial question of law arises for our consideration. – revenue appeal dimissed.
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