SWETA VIKAS JHAWAR,KOLKATA vs. I.T.O.,WARD-50(3), KOLKATA

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ITA 2123/KOL/2019Status: DisposedITAT Kolkata25 July 2022AY 2015-163 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the additions made by the Assessing Officer under Section 68 of the Income Tax Act in respect of bogus long-term capital gains were affirmed by the Calcutta High Court. Therefore, the appeals were dismissed.

What were the facts?

The appeals involved common issues related to claims of gain/loss in respect of transactions in penny stocks. The assessee's counsel conceded that the issue was covered by a recent Calcutta High Court decision.

What were the issues?

Whether the gains/losses claimed from penny stock transactions were genuine or bogus long-term capital gains, and if additions under Section 68 were justified.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC”

Before: Shri Sanjay Garg & Shri Rajesh Kumar

Heard together (4 matters)

I.T.A. No.2123/Kol/2019
I.T.A. No.1669/Kol/2019
I.T.A. No.1802/Kol/2019
I.T.A. No.2287/Kol/2019

Read from the judgment's own cause title. This page is filed under one of them.

Assessment Year: 2014-15 Sunita Goenka............................…......................................……….……Appellant C/o Ram Kr. Goenka, 10, Sastigoria, P.O-Raniganj-713347, Dist.Paschim Burdwan, W.B. [PAN: AIJPG3350N] vs. ITO, Ward-3(1), Kolkata...……….…..….........……........……...…..…..Respondent Appearances by: None appeared on behalf of the appellant. Shri Manas Mondal, Addl. CIT-DR, appeared on behalf of the Respondent. Date of concluding the hearing : July 25, 2022 Date of pronouncing the order : July 25, 2022

ORDER Per Bench: The captioned appeals have been preferred by the different assessees against the separate orders of the Commissioner of Income Tax (Appeals), Kolkata [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’). Since the common issue relating to claim of gain/loss in respect of transactions in penny stock is involved in these appeals, hence these appeals have been heard together and are being disposed off by this common order. is taken as the lead case.

2.

At the outset, the ld. Counsel for the assessee has been fair enough to state that since the issue involved in this appeal is relating to the penny stock and the same is squarely covered against the assessee by the recent decision of the Calcutta High Court vide common order dated 14.06.2022 in a batch of 90 appeals with a lead case titled as PCIT vs. Swati Bajaj in IA No.GA/2/2022 and Others. The ld. Counsel has submitted that the facts and issue involved in the above appeal of the assessee are identical to that were before the Hon’ble Calcutta High Court. The Hon’ble Calcutta

Sweta Vikas Jhawar Lalit Kumar Kedia I.T.A. No.1802/Kol/2019 Spectron Stock & Shares (P) Ltd I.T.A. No.2287/Kol/2019 Sunita Goenka High Court vide its decision dated 14.06.2022 (supra) has affirmed the additions made by the Assessing Officer u/s 68 of the Income Tax Act in respect of bogus long-term capital gains. In view of this, the appeal of the assessee is hereby dismissed.

3.

Since the facts and issues involved in all these appeals are also identical to that have been discussed above in , hence following the same analogy, all the captioned appeals are hereby dismissed.

4.

In the result, all the appeals of the assessees stand dismissed.

Kolkata, the 25th July, 2022.

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