Itxa/1309/2012 Of Commissioner Of Income Tax- 2 v. M/S. Kalimati Investment Co.ltd

k IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1309 OF 2012 Commissioner of Income Tax-2 ..Appellant -Versus-M/s. Kalimati Investment Company Ltd. ..Respondents ........... Mr. Suresh Kumar for the Appellant.Mr. F.V. Irani i/b Mr. Atul Jasani for the Respondent. ........... CORAM: S.C. DHARMADHIKARIAND A. A. SAYED, JJ. DATE :- 12[th] NOVEMBER, 2014 P.C.: 1The order dated 30[th] April, 2012 passed by the Income Tax Appellate Tribunal, Mumbai Bench in Income Tax Appeal No.6687/MUM/2010 is challenged in this Appeal by the Revenue. 2Though Mr. Suresh Kumar strenuously urged that the Appeal deserves to be admitted on the questions of law termed as substantial by him, we are of the opinion that the view taken by the Tribunal cannot be said to be perverse. katkam 3The matter was arising out of section 263 proceedings. The Commissioner exercised his powers under this section and passed an order on 22[nd] July, 2010 in relation to the Assessment Year 2006-2007. 4The Tribunal has noted that the Assessing Officer's view cannot be termed as erroneous and prejudicial to the interest of the Revenue, simply because for prior and subsequent assessment years, the interest from capital gain bonds was treated as business income. 5In such circumstances, the Assessing Officer could not have been faulted. Once the view taken was a possible one and in relation to a debatable issue. Hence, we do not see how this Appeal can be entertained by us, the Tribunal’s reasoning para 5 is not vitiated by a error of law apparent on the face of the record nor can be termed as perverse. The Appeal is devoid of merits and dismissed. (A. A. SAYED, J.) (S.C. DHARMADHIKARI, J.) 2/2