(1.) THE appeal has been preferred by the revenue against the order of the Income Tax Appellate Tribunal, Madras 'A' Bench, Chennai, dated 3.2.2006 passed in ITA No.1162/Mds/2003 relating to the assessment year 1998-99.
(2.) THE material facts as culled out from the statement of facts in the memorandum of grounds of appeal are stated below:- THE assessee filed a return of income for assessment year 1998-99. For the preceding assessment year, the assessee had paid minimum alternate tax (MAT) under Section 115J and the MAT credit was carried under Section 115JAA to be set off against the tax payable. THE assessing officer while completing the proceedings under Section 154 rectified his order and accordingly gave MAT credit after charging interest under Section 234B and 234C. Aggrieved by the same, the assessee filed an appeal before theCommissioner of Income Tax(Appeals), who held that MAT credit is nothing but the assessee's credit lying with the Government available to the assessee for adjustment against the tax due in the subsequent years on normally computed income, and the tax credit brought forward is to be automatically adjusted against by virtue of the provisions of Section 115JAA(4). THE revenue filed a Second Appeal to the Income Tax Appellate Tribunal and the Tribunal allowed the appeal in favour of the assessee following its earlier order in the case of Chemplast Sanmar Limited for the assessment year 2002-2003. Aggrieved by the order of the Income-tax Appellate Tribunal, the appellant filed this appeal by formulating the following questions of law:
(3.) THE questions of law in this appeal are identical to the one considered by the Division Bench. THErefore, following the Division Bench Judgment stated supra, the appeal is dismissed since the questions of law have already been answered in favour of the assessee.