Itxa/1370/2009 Of The Commissioner Of Income-Tax-4,Mum v. Abn Amro Asia Equities (I) Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1370 OF 2009 The Commissioner of Income-tax. ... Appellant. ABN Amro Asia Equities (I) Limited. ... Respondent. Vimal Gupta for the appellant. P.J.Pardiwala, senior counsel with A.K.Jasanifor the respondent. CORAM :V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 8[th] October 2009. P.C. : Heard learned counsel for the appellant and learned counsel for the respondent. Perused appeal. 2.So far as first question is concerned, the Tribunal has based its finding on the judgment of this Court which relates to deletion of disallowance of Rs.3,02,500/-, which will hardly have any tax impact warranting adjudication at the hands of this Court. 3.So far as second question is concerned, it revolves around findings of fact recorded by the Tribunal based on appreciation of evidence with which we do not find any fault. 4.The third question relates to deletion of addition of Rs.44,59,657/- made by the assessing officer in view of bad delivery of shares. It is a commercial decision taken by the assessee which is held to be prudent by the Tribunal. No fault can be found with the view taken. As and when the assessee would get back this amount by way of reimbursement from the Stock Exchange, the same can be assessed in accordance with the provisions of the Income Tax Act. 5.In the above view of the matter, we see no substantial question of law involved in this appeal. Appeal is, therefore, dismissed in limine with no order as to costs.