2007 (2) TMI 176

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....ed by the Income-tax Appellate Tribunal, New Delhi Bench "B" in I. T. A. No. 1371/Del/2005 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 l....

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....fter enquiry and after giving an opportunity of hearing to the assessee. Feeling aggrieved by 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 ....

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....d by learned counsel for the Revenue on the basis of the amendment made to section 94 of the Act 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 ....