2013 (12) TMI 316

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....EMENT:- Revenue by this appeal under Section 260A of the Income Tax Act, 1961 (Act) impugns order dated 26th March, 2013 passed by the Income Tax Appellate Tribunal in the case of National Fertilizers Limited in respect of assessment year 2003-04 on the question of charging of interest under Section 234B and C on the MAT credit under Section 115JAA of the Act. The issue is covered against th....

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....tion of the total income for the first assessment year. There is no provision under Section 115-JAA which postpones the right of the assessee to claim set-off to the determination of the total income by the AO in the first assessment year. Entitlement/right to claim set-off is different from the quantum/quantification of that right. Entitlement of MAT credit is not dependent upon any action taken ....

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....uantum of advance tax that is to be paid, it must follow that an assessee would be entitled to do so otherwise it results in absurdity viz. that an assessee pays advance tax on the footing that it is not entitled (when in fact it is so entitled as discussed above) to the credit and thereafter claims a refund of such advance tax paid as a consequence of the set-off. Moreover, when an AO makes an in....