Court allows delayed review application in Civil Miscellaneous Application No. 4140 of 2018, dismisses Review Application No. 4143 of 2018.

The court condoned the delay in filing the review application in Civil Miscellaneous Application No. 4140 of 2018, allowing the application due to sufficient cause shown. However, in Review Application No. 4143 of 2018, the court dismissed the review as there were no grounds to review the judgment dated 3rd March, 2017, which had previously dismissed an Income Tax Appeal Defective No. 124 of 2015. The court found that the alleged error in the judgment did not impact the outcome, emphasizing the importance of substantial participation in trading shares.

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Issues: Condonation of delay in filing review application, Review of judgment

Condonation of Delay in Filing Review Application:
The judgment addresses the Civil Miscellaneous Application No. 4140 of 2018, concerning the condonation of delay in filing a review. The court, after considering submissions by the advocate and perusing the application, found sufficient cause to explain the delay. Consequently, the delay in filing the review was condoned, and the application was allowed. This issue was resolved favorably for the applicant.

Review of Judgment:
In relation to Review Application No. 4143 of 2018, the court analyzed the review and concluded that there were no grounds to invoke principles akin to those under Order XLVII of the Code of Civil Procedure, 1908, for reviewing the judgment and order dated 3rd March, 2017. The earlier Division Bench had dismissed the Income Tax Appeal Defective No. 124 of 2015 due to substantial participation of the assessee in trading shares. The review applicant contended an error apparent on the face of the record based on a specific paragraph in the judgment under review. However, the court determined that this contention did not impact the ultimate decision to dismiss the appeal. As a result, the review was found to lack merit and was dismissed accordingly. The judgment provides a detailed analysis of the grounds for dismissing the review application, emphasizing the importance of substantial participation in trading shares and the lack of impact of the applicant's contentions on the final decision.

This comprehensive summary breaks down the judgment into the two main issues involved and provides a detailed analysis of each, preserving the legal terminology and significant phrases from the original text.

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