Dismissing the appeal of the revenue the Court held that whether the income should be taxed as business income or as arising from the other source was a debatable issue, the AO took a plausible view. Revision proceeding is unjustified. (Arising out of ITA No.2637/Mum/2013 dt.28/10/2015)(ITA No. 1761 of 2016, dt.11/02/2019)(AY 2008 – 2009)
PCIT v. Canara Bank Securities Ltd (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.24546 of 2019 dt.14/10/2019) (2019) 418 ITR 17 (St.)(SC)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Business income or other sources- Income should be taxed as business income or as arising from the other source ia a debatable issue – Revision is held to be not justified. [ S.28(i), 56 ]