ASKARAN JAIN HUF, RAIPUR,RAIPUR vs. INCOME TAX OFFICER-3(2), RAIPUR, RAIPUR

ITA 248/RPR/2026Status: DisposedITAT Raipur15 July 2026AY 2013-1410 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the AO failed to establish a direct nexus between the assessee and any illegal benefit derived from price rigging. The assessee had provided all necessary documentation for the transactions, which were conducted through the stock exchange.

What were the facts?

The assessee, an HUF, traded shares of Global Capital Markets Ltd. The Assessing Officer (AO) treated the sale consideration as undisclosed funds, alleging sham transactions and price rigging for money laundering under Section 10(38). The CIT(A) upheld the addition, relying on a High Court decision.

What were the issues?

Whether the sale of shares in a company allegedly involved in price rigging constitutes undisclosed income, and if the assessee, as an unsuspecting investor, can be held liable for such alleged manipulation.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH “SMC”, RAIPUR

Before: SHRI PARTHA SARATHI CHAUDHURY

For Appellant: shri Yash Jain &
For Respondent: Shri Piyush Tripathi, Sr. DR
Hearing: 14.07.2026Pronounced: 15.07.2026

PER PARTHA SARATHI CHAUDHURY, JM The present appeal preferred by the assessee emanates from the order of the Ld.ADDL/JCIT(A)-2, Mumbai, dated 19.01.2026 for the assessment year 2013-14 as per the grounds of appeal on record.

2.

The relevant facts in this case are that the assessee is HUF and during the year under consideration, the assessee has traded in shares of Global Capital Markets Ltd. amounting to sale consideration of Rs.8,50,687/-. That in the assessment proceeding

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 10(38)

All 3,113 judgments and leading authorities on Section 10(38) →

Recent GST High Court judgments

Search GST case law →