TMI Blog2009 (4) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... G of Form 1 - Whether the interest under Section 234 B and 234 C had to be calculated after giving the MAT credit against the tax payable on the basis of normal computation – held that all the questions are answered against the revenue and in favour of assessee - 2286 of 2006 - - - Dated:- 16-4-2009 - JUSTICE K. RAVIRAJA PANDIAN and JUSTICE M.M. SUNDRESH Mr. J. Naresh Kumar for the appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... othing but the assessee's credit lying with the Government available to the assessee for adjustment against the tax due in the subsequent years on normally computed income and the tax credit brought forward is to be automatically adjusted against by virtue of the provisions of Section 115JAA(4). The revenue filed a second appeal to the Income Tax Appellate Tribunal. The Tribunal allowed the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard the arguments of the learned counsel for the appellant and perused the materials available on record. 4. The very same issues have been considered by the Division Bench of this Court in T.C.A.Nos.887 of 2004 etc. batch on 09.04.2009. In respect of the 3rd question of law, the Division Bench has answered in favour of the assessee and against the revenue by observing as follows:- "7.In res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Division Bench has observed as follows:- "18. In the present case, the intention of the legislature is to give tax credit to tax and not to the tax and interest. Once the intention is clear, the revenue cannot rely on the Form-I to say that the MAT credit under Section 115JAA should be given only after tax and interest. Further we have answered the first question of law in favour of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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