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JUDGMENT Mrs. Chitra Venkataraman, J. - Revenue is on appeal as against the order of the Income Tax Appellate Tribunal relating to the assessment year 2001-02. At the time of admission, following question of law was raised:- "Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is eligible for the interest on refund arising out of MAT credit." However, on going through the order of the Income Tax Appellate Tribunal, we find that it applied the decision of the Income Tax Appellate Tribunal in the case of Chemplast Sanmar Ltd. v. Dy. CIT [2004] 3 SOT 620 (Chennai), which was the subject matter of consideration before this Court in the decision reported in the case of CIT v. Chemplast Sanmar Ltd. [2009] 314 ITR 231/180 Taxman 335 (Mad.) which was affirmed in the case of CIT v. Tulsyan Nec. Ltd. [2011] 330 ITR 226/196 Taxman 181/[2010] 8 taxmann.com 228 (SC) in favour of the assessee. 2. The assessee is engaged in the business of Offshore oil well drilling. In respect of the claim for MAT credit under Section 115JAA of the Income Tax Act, 1961 (hereinafter called as the "Act"), by order in ITA.268/Mds/2004, the Income Tax Appellate Tribunal directed the Assessing Officer to give MAT credit before TDS and advance tax for the year under consideration. While giving effect to the same, the Assessing Officer did not allow any interest on refund under Section 244A of the Act. 3. The assessee went on appeal before the Commissioner of Income Tax (Appeals), who upheld the order of the Assessing Officer and dismissed the appeal. Thereupon, the assessee went on further appeal before the Income Tax Appellate Tribunal. 4. In considering the issue, the Income Tax Appellate Tribunal pointed out that while giving effect to the ITAT's order dated 28.02.2005, it was noted that the assessee had TDS of Rs.1,72,90,710/- and the MAT credit available was Rs.83,73,659/-. Thus out of total tax of Rs.2,06,96,452/-, after giving credit to MAT credit of Rs.83,73,659/-, the TDS was adjusted resulting in a refund of Rs.49,67,917/-. In the order passed by the Assessing Officer on 16.03.2005, the Assessing Officer pointed out that for the…

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