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2010 (11) TMI 700 - ITAT, MUMBAIRevision u/s 263 - Interest on refund u/s 244A - Assesment u/s 143(3) - Rectification of mistakes - Tax credit u/s 115JAA - According to the DIT(IT) because of the MAT credit allowed by the Assessing Officer as a pre-paid tax, the same resulted in excess allowance of interest u/s 244A to the extent of Rs.1763.78 lacs for which the order is erroneous and prejudicial to the interest of revenue - Representations were received to the effect that the tax credit allowed u/s 115JAA is not different from the tax paid in advance and consequently credit for the payment of minimum alternate tax should be allowed - Having regard to the background in which the amendment was brought into force, it must be regarded as being clarificatory in nature - In the I T Form I in Schedule G the tax credit to be allowed u/s 115JAA was to be reckoned after computing the interest liability u/s 234B - Held that: various judicial pronouncements that for invoking the provisions of sec. 263, the twin conditions i.e. order must be erroneous and it must be prejudicial to the interest of revenue have to be satisfied - Since in the instant case the Assessing Officer has taken a view which is permissible and which is held to be correct in view of the ratio of the decision of the jurisdictional High Court; therefore, in our considered opinion, the DIT(IT) was not justified in the invoking provisions of sec. 263 of the I T Act
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