TMI Blog2013 (5) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... s 234A, 234B and 234C. It is further held therein that if an assessee is entitled to a tax credit as a consequence of the assessee making payment of tax under Section 115JA(1) in year one, then, the set off such tax credit follows as a matter of course once the conditions mentioned under Section 115JAA are fulfilled and the grant of such credit is not dependent upon determination by the Assessing Officer. Thus, the Apex Court decided the issue in favour of the assessee therein. Also see Commissioner of Income Tax Vs. Chemplast Sanmar Ltd (2009 (4) TMI 61 - MADRAS HIGH COURT) It appears that the Tribunal had concentrated only on the issue as to whether giving credit for MAT before set off of TDS and advance tax from the tax payable by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act. The assessing Officer found that the claim for MAT credit can be considered only after charging the surcharge on Income Tax. Accordingly, he passed the revised assessment order thereby ordering refund of Rs.12,91,037/-, however without granting interest under Section 244A on the ground that the refund has arisen as a result of giving MAT credit only. Aggrieved against the said order, the assessee went on appeal before the Commissioner of Income Tax (Appeals) by contending that surcharge should have been calculated after deducting MAT credit and interest under Section 244A should have been granted. The first appellate authority while rejecting the claim of the assessee with regard to charging of surcharge after deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y rejected the claim of interest under Section 244A. 5. Per contra, the learned counsel appearing for the assessee submitted that as per the decision of the Supreme Court reported in (2011) 330 ITR 226 (SC) (Commissioner of Income Tax Vs. Tulsyan NEC Ltd.), MAT credit has to be given first and thereafter interest is to be computed. Therefore, the learned counsel contended that even after giving MAT credit, the tax liability payable by the assessee is lesser than the TDS amount credit given and therefore the balance amount ordered to be refunded should also carry interest under Section 244A. 6. Heard the learned counsel appearing for either side. 7. We have perused the order of the Assessing Officer made under Section 154, wherein he h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 115JAA(2) was not applicable to the facts of the case. Accordingly, he directed the Assessing Officer to calculate the interest under Section 244A and grant the same. 9. It is seen that as against the said order of the first appellate authority, only the Revenue went on appeal before the Tribunal. When we perused the order of the Tribunal, we could see that the Tribunal considered only the issue in respect of giving MAT credit before set off of TDS and advance tax from the tax payable by the assessee. No doubt, such issue is now settled in view of the decision made by the Apex Court reported in (2011) 330 ITR 226 (SC) (Commissioner of Income Tax Vs. Tulsyan NEC Ltd.) wherein the Apex Court has held that the MAT credit admissible in ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Tribunal in Chemplast Sanmar Ltd case. 10. It appears that the Tribunal had concentrated only on the issue as to whether giving credit for MAT before set off of TDS and advance tax from the tax payable by the assessee is correct or not. The Tribunal adverted its attention to the Chemplast Sanmar Ltd., case to answer the said issue and consequently rejected the Revenue's appeal. The grounds of appeal raised in this appeal by the Revenue also indicate that the issue before the Tribunal was only with regard to interest payable under Section 244A and not with regard to the adjustment of MAT credit. 11. Even though the Tribunal dismissed the appeal filed by the Revenue as against the order of the first appellate authority, such order o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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