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Issues Involved: Condonation of delay in filing appeal, validity of share transactions, assessment u/s 158BD/158BC[c]/143[3], appeal against AO's order.
Condonation of Delay: The High Court of Calcutta, in a case involving condonation of delay in filing an appeal, was satisfied with the grounds presented in the petition and thus condoned the delay, allowing the application to proceed. Validity of Share Transactions: The Tribunal extensively reviewed a case involving a search and seizure operation at the office premises of a firm, where certain documents related to share transactions were seized. Despite initial doubts raised by a statement made under duress, subsequent evidence including contract notes, bills, and statements from stockbrokers supported the genuineness of the share transactions. The Tribunal concluded that the transactions were genuine and dismissed the appeal, finding no substantial question of law involved. Assessment u/s 158BD/158BC[c]/143[3]: The assessment proceedings under sections 158BD/158BC[c]/143[3] were initiated based on evidence gathered during the search operation. The Assessing Officer relied on a statement made by an individual, but failed to consider subsequent cross-examination that discredited the earlier statement. Despite documentary evidence supporting the transactions, the AO deemed the share trading loss as bogus. The CIT[A] upheld the AO's decision, emphasizing the initial statement. However, the Tribunal overturned this decision, highlighting the genuine nature of the transactions supported by documentary evidence. Appeal Against AO's Order: The assessee, aggrieved by the Assessing Officer's decision and subsequent affirmation by the CIT[A], appealed to the High Court. The Tribunal's ruling in favor of the assessee, based on the authenticity of the share transactions supported by documentary evidence, led to the dismissal of the appeal. All parties were directed to act on the signed copy of the order, and urgent certified copies were to be provided upon request, subject to formalities.
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