<h1>Madras High Court Rules MAT Credit u/s 115JAA Takes Priority Over Interest u/ss 234B, 234C.</h1> In a notable judgment, the Madras High Court ruled in favor of a company regarding the priority of tax adjustments under the Income Tax Act, 1961. The court determined that Minimum Alternate Tax (MAT) credit under Section 115JAA should be applied before charging interest under Sections 234B and 234C, contrary to the order prescribed in Form-I. The court emphasized that the legislative intent was to prioritize tax credit over interest, rendering the adjustment order in Form-I inconsistent with the Act. The Delhi High Court issued a similar ruling, reinforcing that interest should be charged after MAT credit is set off.