https://www.taxtmi.com/caselaws?id=263568 The Bombay High Court dismissed the appeal challenging the order of the Income Tax Appellate Tribunal for the Assessment Year 2006-07. The Court held that the Commissioner's revision order, which disallowed the deduction claim on the premium paid for buyback of shares, was not valid. It emphasized that the buyback expenditure was necessary for business continuity and profitability, distinguishing it from a Supreme Court decision cited by the Revenue. The Court found the issue debatable and not constituting an error warranting revision, leading to the dismissal of the appeal without costs. en-us Wed, 26 Aug 2015 00:00:00 +0530 Sat, 05 Sep 2015 11:08:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263568 The Bombay High Court dismissed the appeal challenging the order of the Income Tax Appellate Tribunal for the Assessment Year 2006-07. The Court held that the Commissioner's revision order, which disallowed the deduction claim on the premium paid for buyback of shares, was not valid. It emphasized that the buyback expenditure was necessary for business continuity and profitability, distinguishing it from a Supreme Court decision cited by the Revenue. The Court found the issue debatable and not constituting an error warranting revision, leading to the dismissal of the appeal without costs. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263568