https://www.taxtmi.com/caselaws?id=33220 The Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the assessee regarding MAT credit adjustment. The Court emphasized that MAT credit should be given priority over interest under sections 234B and 234C, aligning with the legislative intent to provide tax credit to tax only, not tax and interest. The Division Bench rejected the revenue's arguments based on Form-I, stating that the intention of the legislature was clear. Consequently, the appeal was dismissed, with all questions of law decided against the revenue and in favor of the assessee. 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=33220 The Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the assessee regarding MAT credit adjustment. The Court emphasized that MAT credit should be given priority over interest under sections 234B and 234C, aligning with the legislative intent to provide tax credit to tax only, not tax and interest. The Division Bench rejected the revenue's arguments based on Form-I, stating that the intention of the legislature was clear. Consequently, the appeal was dismissed, with all questions of law decided against the revenue and in favor of the assessee. Case-Laws Income Tax Thu, 16 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33220