Uniphos Enterprises Ltd, Mumbai vs Department Of Income Tax on 16 March, 2016
5.3.2 We have carefully perused the decision of the Hon'ble Bombay High
Court in the case of APAR Industries Ltd. (323 ITR 411) (Bom) and find that
one of the questions before the Hon'ble High Court was whether credit for
brought forward MAT is to be allowed from the gross demand before
charging interest under section 234B of the Act. Their Lordships decided the
issue in favour of the assessee holding that credit for brought forward MAT
is to be given from gross demand before charging interest under section
234B of the Act. Respectfully following the aforesaid decision of the Hon'ble
Bombay High Court in the case of APAR Industries Ltd. (supra), we hold that
credit for brought forward MAT is to be given from gross demand before
6 ITA No. 925/Mum/2014
M/s. Uniphos Enterprises Ltd.