https://www.taxtmi.com/caselaws?id=76766 The court ruled in favor of the assessee, dismissing the Revenue's appeal and upholding the Tribunal's decision. It held that MAT credit must be considered before calculating interest under Section 234B of the Income Tax Act, aligning with the compensatory nature of the interest provision. The court emphasized that the amendment to Explanation 1 to Section 234B, including MAT credit in the definition of "assessed tax," was clarificatory and retrospective. Consequently, interest under Section 244A was deemed allowable on refundable taxes after adjusting for MAT credit and other tax payments. en-us Tue, 06 Apr 2010 00:00:00 +0530 Fri, 16 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76766 The court ruled in favor of the assessee, dismissing the Revenue's appeal and upholding the Tribunal's decision. It held that MAT credit must be considered before calculating interest under Section 234B of the Income Tax Act, aligning with the compensatory nature of the interest provision. The court emphasized that the amendment to Explanation 1 to Section 234B, including MAT credit in the definition of "assessed tax," was clarificatory and retrospective. Consequently, interest under Section 244A was deemed allowable on refundable taxes after adjusting for MAT credit and other tax payments. Case-Laws Income Tax Tue, 06 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76766