6/2010 & 1107/2010 Page 20 of 31 CIT v. Currency Investment Co. Ltd.

244 ITR 422High Court2000#2778 most cited
42

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2024.

Also referred to as

CIT v. Currency Investment Co. Ltd. · 244 ITR 422 · Section 10(38) · bogus long term capital gain · genuineness of transaction · onus of proof · penny stock · addition under section 68 · share application money · unexplained credit

Sections most often in play

Section 10Section 10(38)Section 131Section 132(4)Section 133ASection 142(1)Section 143(2)Section 143(3)

Issues it is cited on

section 73onus of proofbogus long term capital gainsection 260section 260alive linkpenny stocksection 10(38)amalgamationshare application moneyaddition u/s 68genuineness of the transaction

Judgments citing 6/2010 & 1107/2010 Page 20 of 31 CIT v. Currency Investment Co. Ltd.

Nitesh Rajhans Singh, Mumbai vs. The Income Tax Officer -26(2)(3), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 4114/MUM/2023[BAMPS4588L]Status: DisposedITAT Mumbai15 Jul 2024

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

For Appellant: Shri Rajiv Khandelwal &For Respondent: Shri Laxmi Kant.Sr.DR
Section 10(38)Section 148Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & MS PADMAVATHY S, ACCOUNTANT MEMBER ITA No.4114 & 4115/Mum/2023 (Assessment Year: 2013-14 & 2014-15) Nitesh Rajhans Singh, ITO- 26(2)(3), 13/14, Indra Bhavan, Kautilya Bhavan, बनाम/ Patel Wadi, Pipeline, BKC, Bandra (East), Vs. Kurla(West), Mumbai-400051. Mumbai-400070. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : BAMPS4588L (""थ" / Respondent) (अपीलाथ" /Appellant) Appellant by : Shri Rajiv Khandelwal & Shri Akash Kumar.AR Respondent by : Shri Laxmi Kant.Sr.DR सुनवाई की तारीख / Date of Hearing 08/05/2024 घोषणा क…

Ankur Agrawal, Indore vs. ITO-5(1), Indore

In the result, all three appeals of two assessee are allowed

ITA 217/IND/2019[2015-16]Status: DisposedITAT Indore21 Jun 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 10(38)Section 68

…its possession. The department cannot be merely rejecting unreasonably a good explanation and converted good proof into no proof. 5. He has relied upon the judgment of Hon’ble Calcutta High Court. Commissioner Of Income-Tax vs Carbo Industrial Holdings Ltd. 244 ITR 422 and submitted that the Hon’ble High Court has held that where the payments are made through account payee cheque and identity of broker is not in dispute then the transactions cannot be held to be bogus. The assessee made payment through account payee cheque and the AO in his order has nowhere disputed the identity of the broker and therefore, th…

Smt. Sheela Agrawal, Indore vs. ITO-5(5), Indore

In the result, all three appeals of two assessee are allowed

ITA 216/IND/2019[2015-16]Status: DisposedITAT Indore21 Jun 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 10(38)Section 68

…its possession. The department cannot be merely rejecting unreasonably a good explanation and converted good proof into no proof. 5. He has relied upon the judgment of Hon’ble Calcutta High Court. Commissioner Of Income-Tax vs Carbo Industrial Holdings Ltd. 244 ITR 422 and submitted that the Hon’ble High Court has held that where the payments are made through account payee cheque and identity of broker is not in dispute then the transactions cannot be held to be bogus. The assessee made payment through account payee cheque and the AO in his order has nowhere disputed the identity of the broker and therefore, th…

Smt. Sheela Agrawal, Indore vs. ITO-5(5), Indore

In the result, all three appeals of two assessee are allowed

ITA 215/IND/2019[2014-15]Status: DisposedITAT Indore21 Jun 2023AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 10(38)Section 68

…its possession. The department cannot be merely rejecting unreasonably a good explanation and converted good proof into no proof. 5. He has relied upon the judgment of Hon’ble Calcutta High Court. Commissioner Of Income-Tax vs Carbo Industrial Holdings Ltd. 244 ITR 422 and submitted that the Hon’ble High Court has held that where the payments are made through account payee cheque and identity of broker is not in dispute then the transactions cannot be held to be bogus. The assessee made payment through account payee cheque and the AO in his order has nowhere disputed the identity of the broker and therefore, th…

The ITO, Ward-2(2)(2), Ahmedabad vs. Shri Hemantkumar Chhabildas Patel, Ahmedabad

In the result the appeal filed by the revenue is dismissed

ITA 1695/AHD/2019[2012-13]Status: DisposedITAT Ahmedabad21 Oct 2022AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 1695/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2012-2013 I.T.O, Hemantkumar Chhabildas Patel, Ward-2(2)(2), Vs. 78, Kalhar Exortica, Ahmedabad. Near Science City Road, Soal, Ahmedabad-380060. Pan: Aftpp3706J

For Appellant: Ms Nupur Shah, A.RFor Respondent: Shri Shramdeep Sinha, Sr.DR
Section 148Section 48Section 68Section 69

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ A” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No. 1695/AHD/2019 िनधा"रण वष"/Asstt. Year: 2012-2013 I.T.O, Hemantkumar Chhabildas Patel, Ward-2(2)(2), Vs. 78, Kalhar Exortica, Ahmedabad. Near Science City Road, Soal, Ahmedabad-380060. PAN: AFTPP3706J (Applicant) (Respondent) Assessee by : Ms Nupur Shah, A.R Revenue by : Shri Shramdeep Sinha, Sr.DR सुनवाई की तारीख/Date of Hearing : 10/08/2022 घोषणा की तारीख /Date of Pronouncement: 21/10/2022 आदेश/O R D E R PER W…

The ITO, Ward-4(2)(2), Ahmedabad vs. Gajanand Developers, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 951/AHD/2019[2013-14]Status: DisposedITAT Ahmedabad14 Oct 2022AY 2013-14
For Appellant: Shri R.B. Tank, A.RFor Respondent: Ms. Pooja Parekh, Sr. D.R
Section 36(1)Section 37(1)Section 68

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri P.M. Jagtap, Vice President And Shri Siddhartha Nautiyal, Judicial Member ITA No. 951 /Ahd/2019 Assessment Year 2013-14 The ITO, Gajanand Developers, Ward-4(2)(2), 1, Siddhi Vinayak Ahmedabad Vs Society-2, R.C. (Appellant) Technical Road, Ghatlodia, Ahmedabad-380061 PAN: AALFG1063C (Respondent) Assessee by: Shri R.B. Tank, A.R. Revenue by: Ms. Pooja Parekh, Sr. D.R. Date of hearing : 25-07-2022 Date of pronouncement : 14-10-2022 आदेश/ORDER PER : SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER:- This is an appeal filed by the Revenue against th…

DCIT Circle-3(3), Ahmedabad vs. Shri Alpeshkumar C.Patel, Ahmedabad

In the result, the appeal of the assessee is partly allowed

ITA 1991/AHD/2018[2011-12]Status: DisposedITAT Ahmedabad09 Sept 2022AY 2011-12

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumarआयकर अपील सं./Ita No. 1908/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2011-2012 Alpeshkumar C. Patel, A.C.I.T., 503, Milestone Building, Vs. Circle-3(3), Drive In Road, Ahmedabad. Thaltej, Ahmedabad-380052. Pan: Aeapp9489G

For Appellant: Shri Deepak R. Shah, A.RFor Respondent: Shri Ajay Pratap Singh CIT. D.R with Shri V.K. Singh, Sr.D.R
Section 41(1)Section 54F

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ C’’ BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER आयकर अपील सं./ITA No. 1908/AHD/2018 िनधा"रण वष"/Asstt. Year: 2011-2012 Alpeshkumar C. Patel, A.C.I.T., 503, Milestone Building, Vs. Circle-3(3), Drive in Road, Ahmedabad. Thaltej, Ahmedabad-380052. PAN: AEAPP9489G And आयकर अपील सं./ITA No. 1991/AHD/2018 िनधा"रण वष"/Asstt. Year: 2011-2012 D.C.I.T., Alpeshkumar C. Patel, Circle-2(1)(2), Vs. 503, Milestone Building, Ahmedabad. Drive in Road, Thaltej, Ahmedabad-380052. PAN: AEAPP9…

Nishat Ara, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle-II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 65/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…id that the finding of the Tribunal is perverse. Even when two opinions are possible and if one view possible is taken by the Tribunal, that cannot be said as perverse.” C) The Calcutta High Court in the case of CIT vs. Carbon Industrial Holdings Ltd. (2000) 244 ITR 422 (Cal.) the Court held as follows: “Therefore, seeing these details, it cannot be said that the purchase and sale are on the same date. It is true that the transactions are with some brokers, but in the share transactions, the purchase and sale are normally through some broker. Payment by account payee cheque has not been disputed. Payment on pur…

Zain Alam, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle- II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 64/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…id that the finding of the Tribunal is perverse. Even when two opinions are possible and if one view possible is taken by the Tribunal, that cannot be said as perverse.” C) The Calcutta High Court in the case of CIT vs. Carbon Industrial Holdings Ltd. (2000) 244 ITR 422 (Cal.) the Court held as follows: “Therefore, seeing these details, it cannot be said that the purchase and sale are on the same date. It is true that the transactions are with some brokers, but in the share transactions, the purchase and sale are normally through some broker. Payment by account payee cheque has not been disputed. Payment on pur…

Nausheen Farah, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle-II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 63/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…id that the finding of the Tribunal is perverse. Even when two opinions are possible and if one view possible is taken by the Tribunal, that cannot be said as perverse.” C) The Calcutta High Court in the case of CIT vs. Carbon Industrial Holdings Ltd. (2000) 244 ITR 422 (Cal.) the Court held as follows: “Therefore, seeing these details, it cannot be said that the purchase and sale are on the same date. It is true that the transactions are with some brokers, but in the share transactions, the purchase and sale are normally through some broker. Payment by account payee cheque has not been disputed. Payment on pur…

Shaheen Rabia, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle -II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 62/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…id that the finding of the Tribunal is perverse. Even when two opinions are possible and if one view possible is taken by the Tribunal, that cannot be said as perverse.” C) The Calcutta High Court in the case of CIT vs. Carbon Industrial Holdings Ltd. (2000) 244 ITR 422 (Cal.) the Court held as follows: “Therefore, seeing these details, it cannot be said that the purchase and sale are on the same date. It is true that the transactions are with some brokers, but in the share transactions, the purchase and sale are normally through some broker. Payment by account payee cheque has not been disputed. Payment on pur…

Marghoob Alam, Kanpur vs. Dcut, CC-II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 61/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…id that the finding of the Tribunal is perverse. Even when two opinions are possible and if one view possible is taken by the Tribunal, that cannot be said as perverse.” C) The Calcutta High Court in the case of CIT vs. Carbon Industrial Holdings Ltd. (2000) 244 ITR 422 (Cal.) the Court held as follows: “Therefore, seeing these details, it cannot be said that the purchase and sale are on the same date. It is true that the transactions are with some brokers, but in the share transactions, the purchase and sale are normally through some broker. Payment by account payee cheque has not been disputed. Payment on pur…

Arun Kumar Goyal, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-3(2), Hyderabad

Appeals are allowed in above terms

ITA 458/HYD/2020[2016-17]Status: DisposedITAT Hyderabad20 Apr 2021AY 2016-17

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri P.Murali Mohana Rao, ARFor Respondent: Shri Sibendu Moharana, DR
Section 10(38)Section 143(3)

…own by assessee was genuine and, consequently liable for exemption under section 10(38) - Held, yes [Para 8]" :- 10 -: ITA Nos. 456, 457 & 458/Hyd/2020 • Decision of Hon'ble Calcutta High Court in the case of CIT us Carbo Industrial Holdings Ltd reported in 244 ITR 422 (Cal) wherein it was held "The Tribunal allowed the claim on the ground that full details of the transactions as also the names and addresses of the brokers having been furnished, the assessee's claim could not be denied on the basis of mere suspicion regarding genuineness of the transactions”. • Decision of the ITAT- Kolkata, in the case of Sr…

Tarun Kumar Goyal, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-3(1)2, Hyderabad

Appeals are allowed in above terms

ITA 457/HYD/2020[2016-17]Status: DisposedITAT Hyderabad20 Apr 2021AY 2016-17

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri P.Murali Mohana Rao, ARFor Respondent: Shri Sibendu Moharana, DR
Section 10(38)Section 143(3)

…own by assessee was genuine and, consequently liable for exemption under section 10(38) - Held, yes [Para 8]" :- 10 -: ITA Nos. 456, 457 & 458/Hyd/2020 • Decision of Hon'ble Calcutta High Court in the case of CIT us Carbo Industrial Holdings Ltd reported in 244 ITR 422 (Cal) wherein it was held "The Tribunal allowed the claim on the ground that full details of the transactions as also the names and addresses of the brokers having been furnished, the assessee's claim could not be denied on the basis of mere suspicion regarding genuineness of the transactions”. • Decision of the ITAT- Kolkata, in the case of Sr…

Tarun Kumar Goyal, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-3(2), Hyderabad

Appeals are allowed in above terms

ITA 456/HYD/2020[2014-15]Status: DisposedITAT Hyderabad20 Apr 2021AY 2014-15

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri P.Murali Mohana Rao, ARFor Respondent: Shri Sibendu Moharana, DR
Section 10(38)Section 143(3)

…own by assessee was genuine and, consequently liable for exemption under section 10(38) - Held, yes [Para 8]" :- 10 -: ITA Nos. 456, 457 & 458/Hyd/2020 • Decision of Hon'ble Calcutta High Court in the case of CIT us Carbo Industrial Holdings Ltd reported in 244 ITR 422 (Cal) wherein it was held "The Tribunal allowed the claim on the ground that full details of the transactions as also the names and addresses of the brokers having been furnished, the assessee's claim could not be denied on the basis of mere suspicion regarding genuineness of the transactions”. • Decision of the ITAT- Kolkata, in the case of Sr…

DCIT CC 8(1), Mumbai vs. M/S Jainam Investments, Mumbai

In the result, appeals filed by the revenue are hereby dismissed

ITA 4474/MUM/2019[2016-17]Status: DisposedITAT Mumbai25 Feb 2021AY 2016-17
For Appellant: Shri Suchek Anchaliya (AR)For Respondent: Shri Rahul Raman (DR)
Section 143(1)Section 148Section 68

…ares at that time at a lower rate. That act does not mean that the loss is stage-managed." 3. It is also brought to our notice that on almost similar facts this Court has considered the similar issue in the case of CIT v. Carbo Industrial Holdings Ltd. [2000] 244 ITR 422 and answered the question in favour of the assessee. 4. The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt are by account payee cheques. The identity of seller and purchaser is not in dispute. The disallowance is basically made on the ground that the assessee failed to produc…

Sanjay Kaul, New Delhi vs. ITO, Ward-24(4), New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1593/DEL/2019[2015-16]Status: DisposedITAT Delhi07 Jan 2020AY 2015-16

Bench: Shri H.S. Sidhu & Shri O.P. Kantassessment Year: 2015-16

Section 115BSection 143(2)Section 143(3)Section 68Section 69CSection 70

…toria vs ITO, Ward- (A.Y. 2014-15) alleged 35(1) (27-06-2018) penny stocks u/s 10(38) 10. Denial of Sunita Jain vs ITO, ITA No. 501 & IT AT Ahemdabad cross Ward- 10(3) 502/AHD/2016 Examinati (A.Y. 2008-09) on (Date: 09-03-2017) 11. Loss on CIT vs Carbo (2000) 244 ITR 422; Kolkatta High Court account of Industrial Holdings 2000 SCC Online Cal 677 sale of Ltd. (Date: 14-03-2000) shares (Loss on account of sale of shares) 4.6 We have heard the rival submission of the parties and perused the relevant material on record. In the case, assessee has purchased shares of the three companies at a particular price and sold…

ACIT, Cir-4, Kolkata vs. M/S R. K. Commercial Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1330/KOL/2014[2007-2008]Status: DisposedITAT Kolkata04 Jun 2019AY 2007-2008

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1330/Kol/2014 ("नधा"रणवष" / Assessment Year:2007-08)

For Appellant: Shri A. K. Nayak, CIT DRFor Respondent: Shri J.P. Khaitan, Advocate & Shri Sujoy Sen, Advocate
Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 68

…nstead of drawing an adverse inference on the transactions of the assessee. In this regard, we find that the reliance placed by the ld AR on the decision of the Hon’ble Calcutta High Court in the case of CIT vs Cargo Industrial Holdings Ltd reported in (2001) 244 ITR 422 (Cal) is very well founded wherein it was held that :- “Perusal of the details furnished revealed that the purchase and sale of the shares could not be accepted as having been transacted on the same date. Payment by account payee cheques had not been disputed. Merely because some broker failed to appear, the assessee should not be punished for t…

ACIT, Circle-12(2), Kolkata vs. M/S. Simplex Infrastructure Ltd., Kolkata

In the result Ground no. 1 & 3 of the revenue are allowed in part

ITA 1765/KOL/2017[2012-13]Status: DisposedITAT Kolkata01 Mar 2019AY 2012-13

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 Assessment Year: 2012-13 M/S. Simplex Infrastructures Ltd…….............................................................……………………..Appellant 27, Shakespeare Sarani Kolkata – 700 017 [Pan : Aaecs 0765 R] Vs. Addl. Commissioner Of Income Tax, Range-12 Kolkata……...............................…….…..Respondent Assessment Year: 2011-12 Assessment Year: 2012-13

Section 133(6)Section 143(3)Section 14ASection 250Section 80

…f the case, we are reversing the order of the FAA.” 9.2. Similar ratios were laid down by the Hon’ble Jurisdictional High Court in the following cases:  CIT vs. Emarald Commercial Ltd. [2001] 250 ITR 539 (Cal)  CIT vs. Carbo Industrial Holdings Ltd. [2000] 244 ITR 422 (Cal) The Hon’ble Punjab and Haryana High Court in the following cases has also laid down similar propositions of law:-  CIT vs. Faqir Chaman Lal reported in 262 ITR 295 (P&H)  CIT vs. Ram Narain Goel reported in 224 ITR 180 (P&H) 10. In our view, the assessee has discharged the primary burden that is cast on it to prove the genuineness of t…

ACIT, Circle-12(2), Kolkata vs. M/S. Simplex Infrastructure Ltd., Kolkata

In the result Ground no. 1 & 3 of the revenue are allowed in part

ITA 1764/KOL/2017[2011-12]Status: DisposedITAT Kolkata01 Mar 2019AY 2011-12

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 Assessment Year: 2012-13 M/S. Simplex Infrastructures Ltd…….............................................................……………………..Appellant 27, Shakespeare Sarani Kolkata – 700 017 [Pan : Aaecs 0765 R] Vs. Addl. Commissioner Of Income Tax, Range-12 Kolkata……...............................…….…..Respondent Assessment Year: 2011-12 Assessment Year: 2012-13

Section 133(6)Section 143(3)Section 14ASection 250Section 80

…f the case, we are reversing the order of the FAA.” 9.2. Similar ratios were laid down by the Hon’ble Jurisdictional High Court in the following cases:  CIT vs. Emarald Commercial Ltd. [2001] 250 ITR 539 (Cal)  CIT vs. Carbo Industrial Holdings Ltd. [2000] 244 ITR 422 (Cal) The Hon’ble Punjab and Haryana High Court in the following cases has also laid down similar propositions of law:-  CIT vs. Faqir Chaman Lal reported in 262 ITR 295 (P&H)  CIT vs. Ram Narain Goel reported in 224 ITR 180 (P&H) 10. In our view, the assessee has discharged the primary burden that is cast on it to prove the genuineness of t…

6/2010 & 1107/2010 Page 20 of 31 CIT v. Currency Investment Co. Ltd. (244 ITR 422) — Cited in 42 Judgments | BharatTax