PRINCIPAL COMMISIONER OF INCOME TAX 13 KOLKATA vs. SURENDRA SHARMA

OD-1 to 18 IN THE HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE ITAT/33/2021 IA No.GA/2/2021 PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA VS. M/s. NAROTTAMKA TRADING AND FINVEST PVT. LTD. ITAT/93/2021 IA NO. GA/2/2021 PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA VS. SMT. SUNITA SANGANERIA ITAT/94/2021 IA NO. GA/2/2021 PRINCIPAL COMMISSIONER OF INCOME TAX-9 VS. SANJEEV SANGENERIA HUF ITAT/95/2021 IA NO. GA/2/2021 PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA VS. SHRI SANJEEV SANGANERIA ITAT/113/2021 IA NO. GA/2/2021 PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA VS. SHRI SUMAYSH AGARWAL ITAT/13/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. DEEPIKA KEDIA ITAT/14/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS.

2 MOOL CHAND JAGWAYAN ITAT/15/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. SMT. SIKHA BAGARIA ITAT/16/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. SHYAM SUNDAR DIDWANA ITAT/17/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. HARI RAM AGARWAL ITAT/19/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-13, KOLKATA VS. SURENDRA SHARMA ITAT/20/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. RAM AWATAR DHOOT ITAT/23/2022 IA NO; GA/1/2022, GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. NARENDRA KUMAR GOYAL ITAT/24/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. DR. DINESH KUMAR HAWELIA ITAT/25/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS.

3 VINOD KUMAR AGARWAL ITAT/28/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA VS. MRS. PREMLATA TEKRIWAL ITAT/29/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA VS. MRS. PREMLATA TEKRIWAL ITAT/31/2022 IA NO. GA/2/2022 PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA VS. N.P.PATODIA AND SONS HUF BEFORE: The Hon’ble JUSTICE T.S. SIVAGNANAM -And- The Hon’ble JUSTICE HIRANMAY BHATTACHARYYA Date : 16th June, 2022. Appearance: Ms. Smita Das De, Adv. Mr. Avra Mazumder, Adv. Mr. B. Gupta, Adv. Mr. P. Dudharia, Adv. Mr. Soumen Bhattacharjee, Adv. Mr. S. Roychowdhury, Adv. ...for the appellant. Mr. Arif Ali, Adv. Ms. Swapna Das, Adv. Mr. Siddhartha Das, Adv. Mr. Subhas Agarwal, Adv. ...for the respondent. The Court : These appeals by the revenue filed under Section 260A of the Income Tax Act (the Act for brevity) is directed against the order passed by the Income Tax Appellate Tribunal at

4 Kolkata. The issue which arises for consideration in these cases are popularly known as “Penny Stock Cases”. Identical issue was considered by this Court in the case of Principal Commissioner of Income Tax Five, Kolkata Versus Swati Bajaj; in ITAT/6/2022, IA No. GA/2/2022 etc. batch by judgment dated 14th June, 2022 all the appeals were allowed. It is not disputed before us on either side that the decision will cover the case on hand. Thus, following the decision in the case of Principal Commissioner of Income Tax Five, Kolkata Versus Swati Bajaj, the appeal is allowed and the substantial question of law, which has been suggested is answered in favour of the revenue. Consequently, the appeals and the connected applications stand disposed of. (T.S. SIVAGNANAM, J.) (HIRANMAY BHATTACHARYYA, J.) Pkd/GH.