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Issues involved: Condonation of delay, Claim of loss in share trading operation, Application of Section 73, Dismissal of appeal.
The High Court of Calcutta allowed the prayer for condonation of delay after being satisfied with the explanations submitted. The matter was then taken up for admission hearing. An appeal was dismissed by the Court where the assessing officer had deleted the claim of Rs. 10,06,974/- on account of loss in share trading operation. The assessee appealed before the Commissioner of Income Tax (Appeal) who held that the loss incurred in the business of share transaction would not be speculation loss and that the explanation to Section 73 would not be applicable to the case of the assessee company. Relying on a previous judgment, the Commissioner of Income Tax (Appeal) granted relief and deleted the addition of Rs. 10,06,974/- under the head deemed speculation by applying Section 73. The Learned Tribunal, noting the findings of the Commissioner of Income Tax (Appeal), observed that the departmental representative did not dispute the facts stated by the CIT(A). The Tribunal also noted that the income of the assessee from brokerage income of share was more than the claimed loss in share trading. It was further acknowledged that the explanation to Section 73 does not apply to certain types of companies. The Tribunal affirmed the order of the Commissioner of Income Tax (Appeal) based on the judgment of the Court. Based on the findings and application of law, the Court concluded that it was not a fit case for admission. It was not argued that the previous decision of the Court was not applicable in the present case. Therefore, the appeal was dismissed, and the application was disposed of.
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