MAT Credit is nothing but tax paid in advance - interest under Ss 234B & 234C to be charged only after MAT Credit is set off against tax payable
IN an important decision the Delhi High Court has held that interest under sections 234B and 234C is to be charged only after the tax credit (MAT credit) available under section 115JAA is set off against tax payable on the total income of the year in question. The Bench also upheld the Tribunal's decision that rectification could not be made by the Assessing Officer under Section 154 of the Income Tax Act, 1961 as the issue regarding charging of interest under Section 234-B of the Act without giving set off of MAT credit available to the Assessee was highly debatable.
We bring you the case today – See Breaking News