ITAT Ahmedabad Judgments — June 2017

The Tribunal allowed a portion of the claim for stamp duty, acknowledging the proof of withdrawal from the bank. However, the rest of the expenses were disallowed due to a lack of documentary support and the assessee's low income.

The Tribunal observed that the assessee was not serious in pursuing the appeal, citing precedents for dismissing appeals due to non-prosecution. Therefore, the appeal was dismissed.

The tribunal, citing various High Court and ITAT judgments, held that preferring an appeal implies effective prosecution. As the assessee failed to prosecute its appeal, it was dismissed.

The Tribunal held that off-market share transactions are not unlawful and that the assessee had provided sufficient evidence of genuine transactions, including bank statements and demat account details. Relying on previous judgments, the Tribunal found no infirmity in the CIT(A)'s deletion of additions.