Case: Commissioner of Income-Tax-12, Mumbai Vs. Jayant H. Modi

2. The assessees appeal has been allowed by the Tribunal and that is why the revenue being aggrieved is before us.

Court's reasoning:
In these circumstances, the Tribunal concluded that that the lending of money is a substantial part of the business of M/s. JMC Securities Pvt. Ltd. The addition made by the assessing officer and sustained by the Commissioner was not valid and legal, particularly in the background facts. In the light of the undisputed factual position, we are of the view that the Tribunals order is correct and reliance placed by it on the Division Bench judgment of this Court is not misplaced.8. So far as question (B) on page 4 is concerned, it is stated that this question is covered against the revenue by the Division Bench of this Court in the case of Godrej & Boyce Mfg. Co. Ltd. v. Dy. CIT [2010] 328 ITR 81  /194 Taxman 203  . In any event, direction to recompute the disallowance in the light of this judgment does not give rise to a substantial question of law. In these circumstances, the order impugned cannot be termed as perverse and the finding of fact which is consistent with the factual material placed on record, does not raise any substantial questions of law.