https://www.taxtmi.com/caselaws?id=33271 The High Court upheld the Division Bench's decision favoring the assessee in a case concerning the interpretation of MAT credit set off against tax payable and the calculation of interest under Sections 234B and 234C. The Court emphasized that MAT credit should be given priority over interest charges and that Form 1 cannot dictate the order of adjustment of TDS, advance tax, and MAT credit. The Court ruled against the Revenue, affirming that the intention is to provide tax credit to tax and not to tax and interest, leading to the dismissal of the appeals. en-us Tue, 21 Apr 2009 00:00:00 +0530 Tue, 14 Jun 2011 04:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33271 The High Court upheld the Division Bench's decision favoring the assessee in a case concerning the interpretation of MAT credit set off against tax payable and the calculation of interest under Sections 234B and 234C. The Court emphasized that MAT credit should be given priority over interest charges and that Form 1 cannot dictate the order of adjustment of TDS, advance tax, and MAT credit. The Court ruled against the Revenue, affirming that the intention is to provide tax credit to tax and not to tax and interest, leading to the dismissal of the appeals. Case-Laws Income Tax Tue, 21 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33271