TMI Blog2009 (4) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... t against the tax payable on the basis of normal computation – held that 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 - held that the credit u/s 115JAA should be given effect to before charging of interest u/s 234A, 234B and 234C - held that revenue cannot rely on the Form-I to say th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e setting off the tax deducted at source and advance tax paid? 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. Whether the interest u/s 234B and 234C had to be calculated after giving the MAT credit against the tax payable on the basis of normal computation?" The fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax payable on the basis of normal computation?" 2. We heard the arguments of the learned counsel for the appellant and perused the materials available on record. 3. 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 question of law relating to interest, the Division Bench has answered in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch circumstances, we answer the first question in favour of the assessee and against the revenue. 4. In respect of the other questions of law, 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 MA ..... X X X X Extracts X X X X X X X X Extracts X X X X
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