Law:

Section:

Section 234B, read with section 115JAA of the Income-tax Act, 1961 - Interest, chargeable as - Assessee was allowed credit for MAT under section 115JAA before charging interest under sections 234B and 234C - Department filed appeal before High Court but same was dismissed on ground that no substantial question of law arose from impugned order - Whether since question of interpretation of section 234B in context of short payment of interest on advances tax arose for determination before High Court which warranted interpretation of section 115JAA, read with sections 234B and 234C, High Court erred in coming to conclusion that no substantial question of law arose - Held, yes - Whether therefore, impugned was to be set aside and matter was to be restored to High Court for consideration afresh - Held, yes CASE REVIEW Decision of High Court set aside. CASE REFERRED TO CIT v. Kotak Mahindra Finance Ltd. [2004] 265 ITR 119/[2003] 130 Taxman 730 (Bom.) [Para 3]. ORDER 1. Leave granted. 2. The following substantial question of law arose for determination under section 260A of the Income-tax Act, 1961. The said question reads as follows : "Whether on the facts and in the circumstances of the case, Hon'ble High Court was right in allowing credit for MAT, under section 115JAA of the Income-tax Act, 1961 before charging interest under sections 234B and 234C of…

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