9911796707
TMI Blog2014 (4) TMI 1013X X X X Extracts X X X X X X X X Extracts X X X X ..... s right in holding that the assessee is eligible for the interest on refund arising out of MAT credit." However, on going through the order of the Income Tax Appellate Tribunal, we find that it applied the decision of the Income Tax Appellate Tribunal in the case of M/s.Chemplast Sanmar Ltd., Vs. DCIT reported in (2004) (83 TTJ Chennai 427), which was the subject matter of consideration before this Court in the decision reported in (2009) 314 ITR 231 (Mad) in the case of Commissioner of Income-Tax Vs. Chemplast Sanmar Limited, which was affirmed in the decision reported in (2011) 330 ITR 226 (SC) in the case of Commissioner of Income Tax Vs. Tulsyan Nec. Ltd., in favour of the assessee. 2. The assessee is engaged in the business of Offsho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o pointed out that since the tax deducted at source was exceeding the liability, the question of interest under Section 234B and 234C did not arise. Thus, the Income Tax Appellate Tribunal pointed out that once MAT credit is to be set off against any tax payable by the assessee on the basis of normal computation and thereafterwards credit for TDS, advance tax and self assessment tax could be given and accordingly, the interest be charged or allowed to the assessee under Sections 234B, 234C or 234A of the Act. 5. In the light of the results giving effect to the ITAT order, the Income Tax Appellate Tribunal directed the Assessing Officer to allow the claim of the assessee on interest on refund. To that end, the Tribunal followed the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4) (83 TTJ Chennai 427) and allowed the assessee's case. 10. As far as the decision reported in (2009) 314 ITR 231(Mad) relating to CIT Vs. Chemplast Sanmar Limited, which was an appeal against the Income Tax Appellate Tribunal before this Court is concerned, the issue was as to whether the Tribunal was right in holding that carry forward MAT credit available to the assessee was to be adjusted first, before charging interest under sections 234B and 234C of the Act. Confirming the view of the Tribunal, this Court 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
