S.14A not applicable to income exempt u/s. 50 of SIDBI Act, 1989

HIGH COURT OF BOMBAY Commissioner of Income-tax-3, Mumbai Versus Small Industries Development Bank of India IT APPEAL NO. 2108 OF 2010 SEPTEMBER 12, 2012 JUDGMENT M.S. Sanklecha, J. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (“the Act”) challenges the order dated 15/7/2009 of the Income Tax Appellate Tribunal (“the Tribunal”) arising in ITA No. 3408/Mum/2006 relating to the assessment year 2003-04. 2. Being aggrieved, the revenue has formulated the following question of law for consideration of this Court. Whether on the f...