68 of the Act. 18. Sanjay Kaul v. PCIT

199 Taxmann.com 470High Court2020#3345 most cited

What is 68 of the Act. 18. Sanjay Kaul v. PCIT authority for?

Short Term Capital Loss (STCL) arising from transactions in penny stocks is rightly disallowed when the assessing officer concludes the transaction was a pre-arranged sham to convert unaccounted money into accounted money.

35

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2021 to 2023.

Also referred to as

Sanjay Kaul v. PCIT · 199 Taxmann.com 470 · penny stocks · sham transaction · capital loss · unaccounted money · Section 68

Judgments citing 68 of the Act. 18. Sanjay Kaul v. PCIT

Sangeeta Devi Jhunjhunwala, New Delhi vs. ITO, Ward-70(1), New Delhi

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

ITA 747/DEL/2022[2015-16]Status: DisposedITAT Delhi18 May 2023AY 2015-16

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

For Appellant: Shri Rajiv SaxenaFor Respondent: Shri Amit Shukla, Sr. DR
Section 10(38)Section 131Section 142(1)Section 143(1)Section 69C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE DR. BRR KUMAR, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year: 2015-16 Sangeeta Devi Jhunjhunwala, Vs. ITO, Ward-70(1) IPSO Legal H-35, 1st Floor, New Delhi. Jangpura Extension, New Delhi – 110 014 PAN AAAPJ3918J (Appellant) (Respondent) Assessee by: Shri Rajiv Saxena, Ms. Sumangla Saxena, Shri Shayam Sunder, Shri Dishant Seth, Advocates Department by : Shri Amit Shukla, Sr. DR Date of Hearing: 05.04.2023 Date of 18.05.2023 pronouncement: O R D E R PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against…

Principal Commissioner of Income Tax Asansol Kolkata vs. Rajesh Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/26/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-5, Kolkata vs. Shri Mahendra Kumar Periwal

In the result, these appeals are allowed and the substantial

ITAT/136/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax, Siliguri vs. Sri Satya Narayan Saria

In the result, these appeals are allowed and the substantial

ITAT/168/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-5, Kolkata vs. Jemish Shah

In the result, these appeals are allowed and the substantial

ITAT/57/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax vs. Mukesh Saraogi (HUF)

In the result, these appeals are allowed and the substantial

ITAT/76/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-12, Kolkata vs. Mukta Agarwal

In the result, these appeals are allowed and the substantial

ITAT/44/2020HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax, Burdwan vs. Bijaya Tah

In the result, these appeals are allowed and the substantial

ITAT/122/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax, Siliguri vs. Prakasho Devi Saria

In the result, these appeals are allowed and the substantial

ITAT/138/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax, Central-1, Kolkata vs. Krishna Kumar Parsuramka

In the result, these appeals are allowed and the substantial

ITAT/130/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax Asansol Kolkata vs. Rakesh Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/27/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-5, Kolkata vs. Aayush Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/88/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax Central -1, Kolkata vs. Suraj Sahana

In the result, these appeals are allowed and the substantial

ITAT/41/2020HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-15, Kolkata vs. Smt. Babita Agarwal

In the result, these appeals are allowed and the substantial

ITAT/64/2020HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-18, Kolkata vs. Sri Vikash Goel

In the result, these appeals are allowed and the substantial

ITAT/85/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Pr CIT 9, Kolkata vs. Manisha Tikmani

In the result, these appeals are allowed and the substantial

ITAT/155/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-Siliguri vs. Shekhar Agarwal

In the result, these appeals are allowed and the substantial

ITAT/139/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax 9, Kolkata vs. Puspa Devi Tikmani

In the result, these appeals are allowed and the substantial

ITAT/150/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-9, Kolkata vs. Gitesh Tikmani

In the result, these appeals are allowed and the substantial

ITAT/154/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…

Principal Commissioner of Income Tax-5, Kolkata vs. Pooja Jhunjhunwala

In the result, these appeals are allowed and the substantial

ITAT/87/2021HC Calcutta14 Jun 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

…ties or assets, which were identified as the penny stocks, the assessing officer had correctly concluded that the assessee entered into a pre-arranged sham transaction so as to convert 95 (2020) 199 Taxmann.com 470 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 124 of 150 unaccounted money into accounted money in guise of capital loss and therefore, the alleged Short Term Capital Loss (STCL) was rightly disallowed. Similar view was taken in Sanjay Bimalchand Jain Versus PCIT Nagpur 96, in the said case the assessee had purchased shares from the…