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2017 (7) TMI 1402 - AT - Income TaxRevision u/s 263 - interest u/s 244A in relation to taxation of interest on securities - allowance of interest u/s 244A allowed in the order of rectification u/s 154 by the AO as excessive for the reason that the assessee included the amount of interest on securities on accrual basis and paid self assessment tax thereon, though claimed by way of a note accompanying the return of income the said income as not taxable in that year as it has not become due - HELD THAT:- As in THE STOCK HOLDING CORPORATION OF INDIA LTD. [2014 (11) TMI 899 - BOMBAY HIGH COURT] held that tax paid on self assessment would fall u/s 244A (1) (b), i.e. a residuary clause covering refunds of amount not falling u/s 244A (1), therefore, interest is payable on refund on excess amount paid on self assessment tax. We are of the considered view that the issues in the instant appeal are decided in favour of the assessee by the judgment of the Hon’ble Bombay High Court in Stock Holding Corporation of India Ltd. (supra) and order of the Co-ordinate Bench in the case of the assessee delineated here-in-above. We follow the same and hold that the rectification order dated 20.07.2010 passed by the AO is neither erroneous nor prejudicial to the interest of revenue.
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