Supreme Court of India
Commissioner of Income Tax, Chennai v. Tulsyan Nec Ltd.
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What the Court ordered
For the above reasons, there is no merit in the civil appeals filed by the Department and the same are dismissed with no order as to costs.
Judgment, page 21
From the headnote
Income Tax Act, 1961: ss.115JAA, 234A, 2348, 234C - Minimum Alternate Tax (MAT) credit admissible in terms of s. 115JAA is to be set off against the tax payable before calculating interest u/ss. 234A, and of the Act. The question which arose for consideration in the instant appeals was whether MAT credit admissible in terms of Section 115JAA of the Income Tax Act, 1961 has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, and of the Act. Dismissing the appeals, the Court HELD: 1. As per the provisions of Section 115JA of Income Tax Act,
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