Commissioner Of Income Tax -18Mumbai v. M/S S.k.koticha & Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONI.T.X.A. 1071/2010 Commissioner of Income Tax -18Mumbai Appellant Vs. M/s S.K.Koticha & Co. Respondent Mr.Suresh Kumar for AppellantMr.J.D.Mistry ,Sr.Counsel a/w Mr.A.K.Jasani for Responden P.C. CORAM- J.P.DEVADHAR ,AND MRS.MRIDULA BHATKAR,JJ.DATE -14TH FEBRUARY,2011 .Whether the Tribunal was justified in canceling the order of C.I.T. passed u/s 263 of the Act is the question raised in this appeal. In paragraphs 5.4 of the order the ITAT has recorded the finding that in relation to allowability of interest u/s 40-A (2)(b) and disallowance u/s 14-A , as also the genuineness of the transaction of sale of shares for the purpose of computation of capital loss, the assessing officer had conducted enquiries , collected replies and documents and thereafter has taken one of the possible views. Accordingly the Tribunal has held that when one of the possible view is taken, such a view cannot be termed as untenable in law or erroneous and prejudicial to the interest of revenue so as to invoke jurisdiction under section 263 of the Income Tax Act,1961. 2In our opinion the decision of the Tribunal is based on finding of fact . Hence the appeal is dismissed. No costs. (Mrs.Mridula Bhatkar,J.) (J.P.Devadhar,J.)