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2009 (4) TMI 61 - HC - Income TaxQ. 1. Whether on the facts and in the circumstances of the case, the Income Tax Tribunal is right in law in holding that the carry forward MAT credit available to the assessee was to be adjusted first before charging interest under Sections 234B and 234C? - "Held Yes" - Q. 2. Whether on the facts and in the circumstances of the case, the Income Tax Tribunal is right in law in holding that Rule 12(1)(a) which lays down that every company has to furnish a return of income in Form No.1 and schedule G to the said form clearly lays down the manner of computation of the total income and also the order in which TDS, Advance Tax and Tax credit under Section 115JAA should be given effect to, is against the intention of the legislation and hence not applicable? - "Held Yes" - Q. 3. Whether on the facts and in the circumstances of the case, the Income Tax Tribunal is right in law in not considering the fact that Form 1 had been substituted by the Income Tax (19th amendment) Rules 2001 with effect from 17.08.2001 and as such interest chargeable under Section 234B or 234C should be first deducted and thereafter tax credit under Section 115JAA should be given? - "Held Yes"
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