https://www.taxtmi.com/caselaws?id=208655 The court held that interest under section 244A of the Income-tax Act should not be granted on the tax credit allowed to the assessee under section 115JAA(1). It was determined that the tax credit under section 115JAA(1) was for tax paid on deemed income, for which the assessee was not otherwise liable to pay. As such, the court concluded that interest on the refund should be calculated after deducting the MAT credit from the refund amount. Consequently, the appeal was allowed, overturning the decisions of the Tribunal and the first appellate authority, and reinstating the Officer's decision to deny the interest claim. en-us Thu, 21 Jan 2010 00:00:00 +0530 Tue, 07 Feb 2012 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208655 The court held that interest under section 244A of the Income-tax Act should not be granted on the tax credit allowed to the assessee under section 115JAA(1). It was determined that the tax credit under section 115JAA(1) was for tax paid on deemed income, for which the assessee was not otherwise liable to pay. As such, the court concluded that interest on the refund should be calculated after deducting the MAT credit from the refund amount. Consequently, the appeal was allowed, overturning the decisions of the Tribunal and the first appellate authority, and reinstating the Officer's decision to deny the interest claim. Case-Laws Income Tax Thu, 21 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208655