https://www.taxtmi.com/caselaws?id=33219 The Division Bench ruled in favor of the assessee regarding the interpretation and priority of MAT credit set off against tax payable. The judgment emphasized that MAT credit should be given priority over TDS and Advance Tax, in line with the legislative intention to provide tax credit to tax only, not tax and interest. Additionally, the Bench held that MAT credit adjustment should precede the calculation of interest under Section 234B and 234C. The appeal by the revenue was dismissed, affirming the assessee's position based on consistent legal interpretation and application of relevant provisions. en-us Thu, 16 Apr 2009 00:00:00 +0530 Mon, 27 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33219 The Division Bench ruled in favor of the assessee regarding the interpretation and priority of MAT credit set off against tax payable. The judgment emphasized that MAT credit should be given priority over TDS and Advance Tax, in line with the legislative intention to provide tax credit to tax only, not tax and interest. Additionally, the Bench held that MAT credit adjustment should precede the calculation of interest under Section 234B and 234C. The appeal by the revenue was dismissed, affirming the assessee's position based on consistent legal interpretation and application of relevant provisions. Case-Laws Income Tax Thu, 16 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33219