The Tax Publishers2020 TaxPub(DT) 0300 (Mum-Trib)

INCOME TAX ACT, 1961

Section 234B

Interest under section 234B had to be charged only after adjustment of MAT credit.

Interest under section 234B - Computation - Assessee seeking adjustment of MAT credit -

Assessee claimed credit for MAT paid under section 115JA for the purpose of charging interest under section 234B. AO denied this.Held: Interest under section 234B had to be charged only after adjustment of MAT credit.

Followed:CIT v. Tulsyan NEC Ltd. (2011) 330 ITR 226 (SC) : 2011 TaxPub(DT) 731 (SC), CIT v. Apar Industries Ltd. (2010) 323 ITR 411(Bombay-HC) : 2010 TaxPub(DT) 1782 (Bom-HC), CIT v. Shiv Texyarn Ltd. (2009) 182 Taxman 1 (Madras-HC) : 2009 TaxPub(DT) 1662 (Mad-HC), CIT v. Gujarat Mitra (P.) Ltd. (2013) 214 taxman 35(Guj-HC) : 2013 TaxPub(DT) 325 (Guj-HC), Chemplast Sanmar Ltd. v. Dy. CIT (2004) 83 TTJ 427 (Chen-Trib) : 2004 TaxPub(DT) 1517 (Chen-Trib), Phillips India Ltd. v. ACIT (2005) 92 ITD 441 (Chandigarh-Tribunal) : 2005 TaxPub(DT) 809 (Chd-Trib), Synthetic Ind. Chemicals Ltd. v. Dy. CIT (2004) 270 ITR 98 (Coch-Trib) : 2004 TaxPub(DT) 1342 (Coch-Trib) and Asstt. CIT v. BSL Ltd. [ITA. No. 1757 of 2005 (Kol-Trib], Asstt.CIT v. Graphite India Ltd. [ITA. No. 1176 of 2006 (Kol-Trib).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2004-05

IN THE ITAT, MUMBAI BENCH

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