TMI Blog2009 (4) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... dit can be given priority of set off against tax payable, contrary to the scheme of Schedule G of Form 1 – held that Rule 12(1)(a) and Form-I cannot go beyond the provisions of the Act. Form-I cannot lay down the order of priority of adjustment of TDS, advance Tax, MAT credit under Section 115JAA which is contrary to the provisions of the Act – appeal of revenue is dismissed - 246 of 2009 - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit of MAT paid by the assessee in the earlier years before calculating the interest under Section 234B and 234C of the Income Tax Act following the decision of the Tribunal in the case of Chemplast Sanmar Pvt. Ltd reported in 83 TTJ 427 (Chennai). The Tribunal on further appeal at the instance of the revenue dismissed the appeal. Aggrieved by the same, the revenue filed the present appeal by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows by concurring with CIT vs. Jindal Exports Ltd., (2009) 222 CTR 8 (Delhi):- "7.In respect of the first question of law, the arguments advanced by the counsel on either side are the same as the one advanced before the Delhi High Court cited supra. The Delhi High Court has considered the relevant provisions and dealt with the matter in detail and held that the credit under Section 115J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax and interest. Further we have answered the first question of law in favour of the assessee i.e. the MAT credit under Section 115JAA should be given effect to before charging the interest under Section 234B and 234C. Rule 12(1)(a) and Form-I cannot go beyond the provisions of the Act. Form-I cannot lay down the order of priority of adjustment of TDS, advance Tax, MAT credit under Section 115JAA ..... X X X X Extracts X X X X X X X X Extracts X X X X
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