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2017 (8) TMI 1698 - BOMBAY HIGH COURTRevision u/s 263 by CIT - Share transactions entered into by the Assessee were not genuine - HELD THAT:- Initially the Assessment was done under Section 143(3) - HELD THAT:- Before passing the Assessment order the Assessee was called by the Assessing Officer seeking the details. The examination was done by the AO relating to sale and transactions of purchase shares entered into by the Assessee. Explanation was called from the Assessee. Assessee submitted explanation along with all the details i.e. the copy of the broker notes for purchase of shares, physical purchase of shares, the details of the share transactions, the copy of the account of broker, the proof of payment of share purchases of Praneta Industries Ltd., D-mat Account and after satisfaction the Assessing Officer passed a order under Section 143(3) of the Act. Tribunal has observed that the Assessee had filed proof of the purchases in the shape of ledger account in the name of M/s.DPS Shares and Securities Pvt. Ltd., even the copy of the physical shares has been submitted on record. All the details of the transactions are reproduced by the Tribunal in the order. The order certainly cannot be said to be erroneous on the part of the AO. The order was passed by the AO u/s 143(3) of the Act, after making necessary inquiries and verifying the claim made.- No error has been committed by the Tribunal. No substantial question of law arises.
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