https://www.taxtmi.com/caselaws?id=77974 The High Court of Madras dismissed the Revenue's appeal against the ITAT order regarding the treatment of Minimum Alternate Tax (MAT) credit. The court held that the MAT credit should be set off before charging interest under sections 234B and 234C of the Income-tax Act, 1961. Upholding the ITAT's decision based on a previous judgment, the court emphasized that the intention of the Legislature was to give tax credit to tax and not to tax and interest. The appeal was dismissed in favor of the assessee, citing precedent and finding no error in the ITAT's order. en-us Mon, 20 Apr 2009 00:00:00 +0530 Sat, 23 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77974 The High Court of Madras dismissed the Revenue's appeal against the ITAT order regarding the treatment of Minimum Alternate Tax (MAT) credit. The court held that the MAT credit should be set off before charging interest under sections 234B and 234C of the Income-tax Act, 1961. Upholding the ITAT's decision based on a previous judgment, the court emphasized that the intention of the Legislature was to give tax credit to tax and not to tax and interest. The appeal was dismissed in favor of the assessee, citing precedent and finding no error in the ITAT's order. Case-Laws Income Tax Mon, 20 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77974