2009 (4) TMI 42

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....ENT The Judgment of the Court was delivered by K. RAVIRAJA PANDIAN, J. - The revenue on appeal against the order of the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai, 17.02.2006 passed in ITA No.1628/Mds/2003 in respect of the assessment year 2002-03. 2. The assessee filed its return for the assessment year 2000-01. For the preceding assessment year, the assessee had paid Minim....

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....e case of Chemplast Sanmar Limited for the assessment year 2002-03. Aggrieved by the same, the revenue filed the present appeal by formulating the following questions of law:- "1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that MAT credit is to be set off from the tax payable before setting off the Tax deducted at Source and Advance tax paid? 2. Whe....

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....by the counsel on either side are the same as the one advanced before the Delhi High Court cited supra. The Delhi High Court has considered the relevant provisions and dealt with the matter in detail and held  that the credit under Section 115JAA should be given effect to before charging of interest under Section 234A, 234B and 234C of the Act. We are in agreement with the reasoning given by ....

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.... 115JAA should be given effect to before charging the interest under Section 234B and 234C. Rule 12(1)(a) and Form-I cannot go beyond the provisions of the Act. Form-I cannot lay down the order of priority of adjustment of TDS, advance Tax, MAT credit under Section 115JAA which is contrary to the provisions of the Act. The order passed by the Tribunal is in accordance with law and we do not find a....