MAT Vs Rebate U/S 88E

Whether the expression occuring in section 115JB "the income-tax, payable on the total income as computed under this Act" may be interpreted as 'income-tax payable before rebate u/s 88E'

OR

The legislature had meant it as 'income-tax payable after rebate u/s 88E'

In other words the Tax Payable as referred to in Section 115JB is the tax payable after rebate u/s 88E or before that. The query is related to AY 2006-07 & 2007-08.

Please apprise if any Case Law has been decided on the issue.