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

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 purpos

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