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2016 (11) TMI 209 - MADRAS HIGH COURT

2016 (11) TMI 209 - MADRAS HIGH COURT - TMI - MAT credit to be set off from the tax payable before levying interest under section 234B and 234C - Held that:- We notice that the issues raised in the substantial question of law in the above appeals have been considered and the question was decided in favour of the assessee by the judgment of this Court in Commissioner of Income Tax Vs. Chemplast Sanmar Ltd, reported in (2009 (4) TMI 61 - MADRAS HIGH COURT ) affirmed in the case reported in Commiss .....

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hus, despite the MAT credit standing to the account of the assessee, the liability of the assessee gets increased instead of it getting reduced - Decided in favour of assessee - Tax Case Appeal Nos. 1096 to 1098 of 2007 - Dated:- 19-10-2016 - Nooty Ramamohana Rao And Anita Sumanth, JJ. For Appellant : Mr.M. Swaminathan For Respondent : Mr. J.R.K. Bhavanantham ORDER ( Judgment of the Court was delivered by Anita Sumanth, J.) These Tax Case Appeals against the revenue, challenge the orders of Inco .....

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ction 234B and 234C of the Income Tax Act, 1961? 2. Whether, on the facts and circumstances of the case, the MAT credit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 3. Heard the learned counsel appearing on behalf of the appellant and the learned counsel appearing for the assessee respondent. 4. We notice that the issues raised in the substantial question of law in the above appeals have been considered and the question was decided in favou .....

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