COMMISSIONER OF INCOME TAX Vs. SALORA INTERNATIONAL LTD.

JUDGEMENT

(1.) CM No. 8208 of 2010 The delay in refiling the appeal is condoned. This application stands disposed of. IT Appeal No. 693 of 2010 pertaining to the asst. yr. 1999 -2000.

(2.) THE question before the Tribunal was as to whether the CIT(A) had erred in allowing the appeal of the assessee filed against the charging of interest under ss. 234B and 234C before allowing MAT credit under s. 115JAA ? 2004 whereby excess MAT credit allowed earlier to the assessee was withdrawn and a demand of Rs. 64,32,260 was raised. The assessee's contention was that the interest under ss. 234B and 234C of the said Act should have been charged after setting off the MAT credit allowable under s. 115JAA. The AO, however, did not agree with this submission of the assessee.

(3.) BEING aggrieved thereby, the assessee preferred an appeal before the CIT(A), who examined the question as to whether charging of interest under ss. 234B and 234C was to be done before allowing MAT credit or not. We may point out that the assessee had taken this plea qua interest under ss. 234B and 234C of the said Act by way of a rectification application under s. 154 of the said Act before the AO.