Commissioner Of Income Tax, Central Iii v. M/S. Varun Jewels Private Limited

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.71 OF 2011 Commissioner of Income Tax, Central III....Appellant.v. M/s. Varun Jewels Private Limited....Respondent. Mr. Vimal Gupta,Sr. Advocate with Ms. Padma Divakar for the Appellant. Ms. Aarti Visanji with Mr. S.P.Mehta for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 6[th] November, 2012 PC: Whether the ITAT was justified in setting aside the order passed by the CIT under section 263 of the Income Tax Act,1961 is the question raised in this appeal. 2)The dispute in the present case is whether the income from the sale of shares was liable to be assessed under the head short term capital gain or business income. The Assessing officer has held that the income from sale of shares is liable to be assessed under the head short term capital gain. The CIT was of the opinion that the said income was liable to be assessed under the head business income. The ITAT has set aside the order of CIT by recording a finding that there were two views possible and therefore the CIT was not justified in invoking jurisdiction under Section 263 of the Act . We see no infirmity in the order passed by the ITAT. Accordingly, the appeal is dismissed. No order as to costs. (M.S.SANKELCHA, J.) (J.P. DEVADHAR, J.)