Itta/169/2014 Of Commissioner Of Income Tax v. State Bank Of Hyderabad

HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.169 of 2014 Date: 12-03-2014 Between: Commissioner of Income Tax-III,Hyderabad .....Appellant AND State Bank of Hyderabad, Finance andAccounts Department, Hyderabad ...Respondent HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.169 of 2014 JUDGMENT:(per Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta ) We have heard Sri B.Narasimha Sarma, learned Counsel forthe appellant, and have gone through the judgment and order of thelearned Tribunal. It appears that the learned Tribunal has decided the matterholding that exercise of power under Section 263 of the IncomeTax Act, 1961 was not called for since the subject issue being adebatable one. This principle is very well settled and the wellsettled principle has been followed by the learned Tribunal. Accordingly, the appeal is dismissed. No order as tocosts. Miscellaneous petitions pending, if any, shall standclosed. ___________________ K.J. SENGUPTA, CJ __________________ SANJAY KUMAR, J 12-03-2014 Gsn