2009 (4) TMI 85

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....the Respondent. JUDGMENT The Judgment of the Court was delivered by K. RAVIRAJA PANDIAN, J. - The appeal has been preferred by the revenue against the order of the Income Tax Appellate Tribunal, Madras 'A' Bench, Chennai, dated 3.2.2006 passed in ITA No.1162 /Mds/2003 relating to the assessment year 1998-99. 2. The material facts as culled out from the statement of facts in the memoran....

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....x credit brought forward is to be automatically adjusted against by virtue of the provisions of Section 115JAA(4). The revenue filed a Second Appeal to the Income Tax Appellate Tribunal and the Tribunal allowed the appeal in favour of the assessee following its earlier order in the case of Chemplast Sanmar Limited for the assessment year 2002-2003. Aggrieved by the order of the Income-tax Appellat....

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....issues involved in this appeal have been considered by the Division Bench of this Court in T.C.A.Nos.887 of 2004 etc. batch on 09.04.2009 and the Division Bench has answered in favour of the assessee and against the revenue by observing as follows: "7. In respect of the first question of law, the arguments advanced by the counsel on either side are the same as the one advanced before the Delhi ....

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....nce the intention is clear, the revenue cannot rely on the Form-I to say that the MAT credit under Section 115JAA should be given only after tax and interest. Further we have answered the first question of law in favour of the assessee i.e. the MAT credit under Section 115JAA should be given effect to before charging the interest under Section 234B and 234C. Rule 12(1)(a) and Form-I cannot go beyo....