TMI Blog2007 (2) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant for the assessment year 2001-02. The assessee had purchased some units of mutual funds which were cum dividend. The units were sold within two or three days of purchase but after receiving the dividend. The dividend received by the assessee was about Rs. 3.72 crores and the units were sold at a loss of about Rs. 4.45 crores. The loss incurred in the sale of units was adjusted by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order passed by the Commissioner, the assessee preferred an appeal before the Tribunal which allowed the appeal and that is how the matter is before us under section 260A of the Income-tax Act. Our attention has been drawn by learned counsel for the respondent to a recent decision rendered by this court in CIT v. Vikram Aditya and Associates P. Ltd. [2006] 287 ITR 268. In that case also, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with reference to the assessment year 2002-03. In Malabar Industrial Co. Ltd. v. CIT [2000] 243 ITR 83 the Supreme Court held that if two views are possible on an issue and both the views are reasonable, then the Commissioner ought not to exercise power under section 263 of the Act. We find that in so far as the present case is concerned, only one view is possible and that was taken by the As ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
