2009 (12) TMI 46

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....Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras 'D' Bench, Chennai, dated 05.06.2009 passed in ITA No.1718/Mds/2008. For appellant: Mr.Arun Kurian Joseph JUDGMENT (Judgment of the Court was delivered by K.RAVIRAJA PANDIAN, J.) "1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee is entitled to ad....

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.... computation and admitted book profit under Section 115 JB of Rs.48,91,62,978/-.  The Assessing Officer computed interest u/s 234B and 234C amounting to Rs.83,295/- and adjusted the MAT credit u/s 115JA after arriving at tax and the interest payable and thus completed the assessment.  (ii) On appeal, the Commissioner of Income Tax (Appeals) allowed the appeal in favour of the assessee....

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.... etc. batch on 09.04.2009 in the case of Commissioner of Income Tax vs. Chemplast Sanmar Limited reported in 314 ITR 231, wherein the first question of law raised was "Whether on the facts and in the circumstances of the case, the Income Tax Tribunal is right in law in holding that the carry forward MAT credit available to the assessee was to be adjusted first before charging interest under Sec....

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....o take a contrary view with that of the Delhi High Court. In such circumstances, we answer the first question in favour of the assessee and against the revenue. 5. In respect of the 2nd question of law, the Division Bench has held that the intention of the legislature is to give tax credit to tax and not to the tax and interest.  Once the intention is clear, the revenue cannot rely on the ....