Carry forward of MAT credit for how many years if there is contradiction between statutory provisions and circular issued

RELEVANT PARAGRAPH 7.1 The scheme of levying Minimum Alternative Tax (MAT) on zero-tax companies was introduced by the Finance Act 1996 w. e f. 01.04.1997. A new section 115JAA was also inserted to provide for a tax-credit scheme by which the MAT paid can be carried forward for set-off against regular tax payable during the subsequent years, subject to certain conditions The sub-sections (1), (2) and (3) of section 115JAA read as under. “115JAA (1) Where any amount of tax is paid under sub-section (1) of section 115JA by an assessee being a company for any assessment year. then, credit i...