Pr. Commissioner of Income-tax -14 v. IL & FS Financial Services Ltd
|Pr. Commissioner of Income-tax -14
|IL & FS Financial Services Ltd.
|HIGH COURT OF BOMBAY
|Date of Order
|Heard Mr.Suresh Kumar, learned standing counsel, revenue for the appellant and Mr.Sameer Dalal, learned counsel for the respondent-assessee. This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 against the order dated 21.09.2016 passed by the Income Tax Appellate Tribunal, I Bench, Mumbai in Income Tax Appeal No. 6498/Mum/2014 for the Assessment Year 2010-11. Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in holding that when the net worth as on 31.03.2010 is in excess of the investment made yielding the exempt income, disallowance u/s. Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in placing reliance on the Judgment of the jurisdictional High Court in the case of CIT vs. Reliance Utilities Power Ltd. reported in 313 ITR 340 when on facts it is distinguishable 4. On going through the order passed by the Tribunal, we fnd that the Tribunal has afrmed the order of the First Appellate Authority and in addition relied upon the aforesaid decision of the Court. Further, we fnd that the issue raised is squarely covered by the decision of this Court in the case of CIT v/s. After hearing learned counsel for the parties and on perusal of the order passed by the Tribunal, we do not fnd any error or infrmity in the view taken by it.