MAT credit should be allowed before calculating Interest U/s. 234B and 234C of the Income Tax Act, 1961

RELEVANT PARAGRAPH 6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the later years, when such credit is claimed. Even, before the substitution of Explanation 1 to section 234B and the unnumbered explanation to section 234C, through Finance Act 2006, no doubt various Benches of this Tribunal had held that credit for such MAT tax paid had to be first ...