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Powers under section 254(2) cannot be exercised for reviewing a considered and conscious decision on grounds which are inherently subjective and capable of debate and discussion on adoption of one view or the other
Case Law Details
- Case Name
- Equest India Private Limited Vs. DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Mumbai
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DECIDED BY: ITAT, MUMBAI `I’ BENCH, MUMBAI, IN THE CASE OF: Equest India Private Limited Vs. DCIT, APPEAL NO: MA No. 734/Mum.08, DECIDED ON May 31, 2010
RELEVANT PARAGRAPHS
6. We have noted that the main finding of the Tribunal in this case was that the “business activity of the assessee is to own and maintain the race horses, since dominant purpose of all his activities is to acquire and maintain the race horses” and that “the activity of leasing mares for breeding, entering into lease options and all other activities are wholly incidental to the main ...
