234c interest - mat vis-a-vis capital gains

Parthasarathy T K (Senior Manager - Taxation & Legal)   (31 Points)

26 October 2012  

I get into a situation where a company is attracted 234C interest for the previous year 2011-12. This company has paid tax based on MAT. It also has capital gains during the year. Now, at the time of calculating 234C interest, whether can I give allowance for the capital gains, thereby reducing the interest burden?

If so, how does the eReturns of ITR support this?