TMI Blog2019 (2) TMI 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... or of other source - Tribunal by the impugned judgment allowed the assesssee's appeal and set aside the order of the Commissioner of Income Tax - HELD THAT:- Tribunal noted that the assessee was previously engaged in the business primary dealing of securities. The assessee was in the process of switching over to the new business of stock broking. The assessee had liquidated its investment fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o necessity to remand the proceedings to the Assessing Officer when no further inquiries were called for or directed. - Decided in favour of assessee. - INCOME TAX APPEAL NO.1761 OF 2016 - - - Dated:- 11-2-2019 - AKIL KURESHI AND B.P. COLABAWALLA, JJ. For the Appellant : Mr. Suresh Kumar For the Respondent : Mr. Hiro Rai with Mr.Subhash Shetty ORDER P.C.: 1. Revenue h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tivity. The order of assesment was taken in suomoto revision by the Commissioner of Income Tax in exercise of powers under section 263 of the Income Tax Act ( the Act for short). He was of the opinion that the Assessing Officer had not undertaken proper inquiries and had not examined the issue whether the interest income was to be assessed under the head Income from business income or of other s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f such facts that the assessee had claimed the interest income as arising out of its business activity. The Tribunal was of the opinion that this was entirely plausible view. Assessing Officer having accepted such contention after due inquiries, it was not open for the Commissioner to take such order in revision. The Tribunal also noted that the Commissioner himself had not come to a conclusion th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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