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2023 (2) TMI 86 - AT - Income TaxRectification of mistake u/s 154 to withdraw the excess interest granted u/s 244A to the assessee - HELD THAT:- There are more than one opinion on the meaning of “regular assessment” which is critical issue for deciding whether or not the assessee was eligible for interest u/s 244A of the Act. In such scenario the scope of rectification proceedings u/s 154 of the Act spells out that only mistake apparent from record can be rectified. The Hon‟ble Apex Court in the case of T.S. Balram, ITO v Volkart Bros [1971 (8) TMI 3 - SUPREME COURT] held that mistake apparent on record must be obvious and patent mistake and not something which has to be established by a long drawn process of reasoning on the points on which there may be conceivably two opinions. A.O was wrong in resorting to section 154 of the Act to withdraw the excess interest granted u/s 244A of the Act to the assessee as it was not something mistake apparent from record. Hence, the ld. CIT(A) dismissed the order of the A.O passed u/s 154 of the Act. We do not find any infirmity with the findings of the ld. CIT(A) and the relief provided to the assessee is sustained. The grounds of appeal of the Revenue are dismissed.
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