Which of the following is correct statement regarding MAT?

(A) MAT credit can be carried forward up to 7th Assessment Year immediately succeeding the assessment year in which such credit becomes allowable

(B) MAT credit can be carried forward up to 15th Assessment Year immediately succeeding the assessment year in which such credit becomes allowable

(C) MAT credit can be carried forward up to 15th Assessment Year immediately preceding the assessment year in which such credit becomes allowable

(D) MAT credit can be carried forward up to 7th Assessment Year immediately preceding the assessment year in which such credit becomes allowable