2006 (7) TMI 549

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....DER Hari Om Maratha, Judicial Member. - This is an appeal of the revenue for assessment year 2000-01, filed against the order of CIT(A) dated 28-12-2004. 2. The only effective ground taken by the revenue reads as under : "On the facts and in the present circumstances of the case, the learned CIT(A) has erred in directing to charge interest under sections 234B & 234C of the Income-tax Act,....

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....l charged at the time of processing and regular assessment. For rectifying the above mistake the Assessing Officer issued a notice under section 154 of the Act on 16-1-2004. According to the assessee as per the provisions of section 115JAA, the Interest under sections 234B & 234C is to be calculated after allowing MAT credit. Therefore, the learned Assessing Officer rectified the same and allowed ....

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....has been taking a similar view as has teen taken by the learned CIT(A) that the issue being debatable with regard to the assessment order cannot be rectified by withdrawing MAT credit under section 154 of the Act. The very ground taken by the revenue, macroscopically reveals, crystal clear, that the issue of allowing set off before charging interest under sections 234B & 234C is a debatable one wh....