9911796707
TMI Blog2018 (9) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... led by the assessee. In doing so, the Tribunal held that the transaction fully supported by the documentary evidences could not be brushed aside on suspicion and surmises. However, it was held that the transactions of share are genuine. Therefore, we do not find that there is any reason to hold that there is any substantial question of law involved in this matter. Deplicate - ITA No. 620 of 2008 And GA No.2589 of 2008 - - - Dated:- 26-8-2018 - MR PINAKI CHANDRA GHOSE AND MR SANKAR PRASAD MITRA, JJ. ORDER The Court : We are satisfied with the grounds made in the petition for condonation of delay. Hence, the delay in filing the appeal is condoned and we allow the application being GA No.2589 of 2008. GA No.2589 of 2008 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e search officials but were not considered by them. Based on Mr. Rupani s deposition, proceedings u/s 158BD were initiated through notice dated 10.12.2002 and assessment u/s 158BD/158BC[c]/143[3] was completed on 31.12.2004. In the month of February 1999, the assessee firm had bought and sold 52,000 equity shares of DSQ Software through broker M/s. Mehta Ajmera which resulted into a loss of ₹ 57,31,440/-. During the assessment proceedings the assessee firm produced before the AO the books of accounts, bills, contract notes, bank statements in support of the share trading transactions. It was evident from the books and the banks statements that the transactions in shares were carried out through recognized stockbroker and through reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als placed before the Tribunal and after examining the same the Tribunal came to the conclusion and allowed the appeal filed by the assessee. In doing so, the Tribunal held that the transaction fully supported by the documentary evidences could not be brushed aside on suspicion and surmises. However, it was held that the transactions of share are genuine. Therefore, we do not find that there is any reason to hold that there is any substantial question of law involved in this matter. Hence, the appeal being ITA No.620 of 2008 is dismissed. All parties concerned are to act on a signed xerox copy of the minutes of this order on the usual undertakings. Urgent xerox certified copy of this order, if applied for, be supplied to the parties s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
