Tribunal Upholds Reassessment, Validates Factory Sale Valuation, and Disallows Capital Loss on Shares Due to Lack of Evidence.

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....Three key issues: validity of reopening assessment, treatment of short-term capital gain on sale of factory building, and disallowance of short-term capital loss on share transactions. Regarding reopening, the assessee failed to provide evidence challenging the reassessment proceedings initiated u/s 148. On the factory building sale, the Tribunal upheld adopting the market value as on the conveyance deed date rather than the earlier business transfer agreement date. Concerning the share transactions, the Tribunal upheld the disallowance of claimed capital loss due to lack of evidence justifying the wide fluctuation in share values within a short period and absence of supporting documents like valuation reports, bank statements, and confirmations from counterparties. The Tribunal found no infirmity in the CIT(A)'s order on these issues.....