https://www.taxtmi.com/caselaws?id=33922 MAT credit under Section 115JAA of the Income-tax Act must be adjusted before computing interest under Sections 234B and 234C, because the statutory credit is to be given effect against tax payable before consequential interest is charged. The Court also held that Rule 12(1)(a) and Form I cannot override the Act or impose a different order of priority for set-off of TDS, advance tax and MAT credit. The legislative scheme therefore controls the sequence of adjustment, and the revenue's contrary challenge was rejected. en-us Thu, 16 Apr 2009 00:00:00 +0530 Sat, 05 Mar 2011 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33922 MAT credit under Section 115JAA of the Income-tax Act must be adjusted before computing interest under Sections 234B and 234C, because the statutory credit is to be given effect against tax payable before consequential interest is charged. The Court also held that Rule 12(1)(a) and Form I cannot override the Act or impose a different order of priority for set-off of TDS, advance tax and MAT credit. The legislative scheme therefore controls the sequence of adjustment, and the revenue's contrary challenge was rejected. Case-Laws Income Tax Thu, 16 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33922