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Commissioner of Income Tax, Central-II, Kolkata Versus M/s. Andaman Timber Industries Ltd.

2008 (9) TMI 990 - CALCUTTA HIGH COURT

G. A. No. 2973 of 2008, I.T.A. No. 721 of 2008 - Dated:- 17-9-2008 - THE HON'BLE JUSTICE PINAKI CHANDRA GHOSE AND THE HON BLE JUSTICE SANKAR PRASAD MITRA ORDER We have perused the application for condonation of delay. We are satisfied that suffic .....

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in coming to the conclusion in favour of the assessee. In view of that, we have specifically perused the orders so passed by the Commissioner of Income Tax (Appeals), Assessing Officer and Learned Tribunal. The grounds which have been pressed before .....

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,26,93,209/- on sale of shares and disallowance of long term capital loss of ₹ 84,94,251/- on sale of shares. As these issues have been deal with by the A/O in a common discussion in para-1 of the assessment order, these grounds of appeal are t .....

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t independently verifiable unlike the prices of quoted shares. In the course of the present appellate proceedings the A/R of the appellant has submitted that all the details of share sale transactions before the A/O, and has stated that the sale pric .....

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n of the shares, the dates of sale and sales price along with the name and address of the buyer, bill date, cheque details, cheque numbers etc. In short, all the relevant details regarding the sale of shares have been placed on record by the assessee .....

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stating that the share investment loss are not genuine. In this case no apparent malafide action has been detected by the A/O with regard to the sale of investment in shares. In this context it is appropriate to note that the onus to prove that the .....

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possible details regarding the share transactions, and the A/O has failed to bring on record any evidence to suggest that the sale of share by the assessee were not genuine. In the circumstances the A/O is directed to treat the sale of shares as gen .....

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