IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.440 OF 2009 INCOME TAX APPEAL NO.440 OF 2009 INCOME TAX APPEAL NO.440 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. Mr.Vimal Kumar Chaudhary ..Respondent. Mr.R.Ashokan for appellant. None for respondent. CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 21ST APRIL, 2009. DATED : 21ST APRIL, 2009. DATED : 21ST APRIL, 2009. P.C. :- P.C. :- P.C. :- Heard learned counsel for the revenue. The appeal seeks to raise the following questions of law :- 1) Whether on the facts and in the circumstances of the case, Tribunal was right in holding that the transactions of purchase of the units of mutual funds a few days before the record date for the dividend entitlement and its sale immediately after the record date as business transactions when it was a foregone conclusion that the transactions would result in loss to assessee ? 2) Whether on the facts and in the circumstances of the case, Tribunal was justified in holding that the transactions of the purchase and sale of units of mutual funds as business transactions when as per the modern view of law, the assessee is not permitted to avoid tax incidence, even if nothing that the assessee does, is either illegal or downright dishonest ? 3. Both counsel agree that the issue sought to be raised in the present appeal is covered by the Division Bench judgment of this Court in Commissioner Commissioner Commissioner of Income Tax V/s. Walfort Share and Stock Brokers of Income Tax V/s. Walfort Share and Stock Brokers of Income Tax V/s. Walfort Share and Stock Brokers P.Ltd. P.Ltd. P.Ltd. reported in [2009] 310 I.T.R. 421 [2009] 310 I.T.R. 421 [2009] 310 I.T.R. 421. In this view of the matter, the appeal is dismissed in limini with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.)