https://www.taxtmi.com/caselaws?id=211565 The court ruled in favor of the assessee, emphasizing the entitlement to MAT credit before charging interest under Sections 234B and 234C. The judgment highlighted that MAT credit should not lapse and interest should not be chargeable despite the existence of MAT credit. The court clarified that the Explanation-I amendment applied from 01.04.2007, rejecting the revenue's claims and dismissing all appeals. The decision provided a detailed analysis of the interaction between MAT credit, interest levies, and legislative amendments, ensuring a just application of tax laws. en-us Mon, 31 Jan 2011 00:00:00 +0530 Fri, 18 May 2012 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211565 The court ruled in favor of the assessee, emphasizing the entitlement to MAT credit before charging interest under Sections 234B and 234C. The judgment highlighted that MAT credit should not lapse and interest should not be chargeable despite the existence of MAT credit. The court clarified that the Explanation-I amendment applied from 01.04.2007, rejecting the revenue's claims and dismissing all appeals. The decision provided a detailed analysis of the interaction between MAT credit, interest levies, and legislative amendments, ensuring a just application of tax laws. Case-Laws Income Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211565