Balbir Chand Maini v. CIT

12 Taxmann.com 276High Court2011#2590 most cited

What is Balbir Chand Maini v. CIT authority for?

When an assessee fails to establish the genuineness of long-term capital gain from share transactions, especially when share prices are artificially inflated, the sale proceeds can be added as unexplained cash credit under section 68. The 'human probability test' is a valid tool to assess the veracity of such transactions.

45

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2026.

Also referred to as

Balbir Chand Maini v. CIT · Balbir Chand Maini · Section 10(38) · Section 68 · bogus long term capital gain · penny stock · share transactions · human probability test · unexplained cash credit · genuineness of transactions

Also reported as

247 CTR 468201 Taxmann 94

Sections most often in play

Section 10(38)Section 68Section 142(1)Section 131Section 143(2)Section 143(3)Section 148Section 250(6)
Read the full judgment

Issues it is cited on

circular tradingbogus ltcgprice riggingbogus long term capital gaincolourable devicepenny stocksection 10(38)entry operatorlong term capital gainsamalgamationprincipal commissioner of income-taxlong term capital gain

Judgments citing Balbir Chand Maini v. CIT

Rashmi Maheshwari, Ghaziabad vs. ITO, Ward-58(3), New Delhi

In the result, the Appeal of the assessee stands allowed

ITA 4424/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Nov 2018AY 2014-15

Bench: Shri H.S. Sidhu

For Appellant: Shri Akhilesh Kumar, AdvFor Respondent: Shri SL Anuragi, Sr. DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘SMC’ BENCH, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER ITA No. 4424/DEL/2018 [Assessment Year: 2014-15] RASHMI MAHESHWARI Vs. L.T.O, WARD 58(3) C/O RAMAKANT MAHESHWARI NEW DELHI & CO., CAs, A-76, Sector-71, Noida - 201 301 (PAN: AKWPM8464E) [Appellant] Assessee by : Shri Akhilesh Kumar, Adv. Revenue by : Shri SL Anuragi, Sr. DR. ORDER This appeal by the assessee is preferred against the order of the Ld. Commissioner of Income Tax [Appeals]-19, New Delhi dated 06.4.2018 pertaining to assessment year 2014-15. 2. Brief facts of the case are that assessee h…

Sunita Khemka, New Delhi vs. ACIT, Central Circle- 15, Jhandewalan Extn., New Delhi

In the result, Appeal of assessee is allowed

ITA 389/DEL/2018[2014-15]Status: DisposedITAT Delhi02 Aug 2018AY 2014-15

Bench: Shri Bhavnesh Saini

For Appellant: Shri Raj Kumar, C.A. &For Respondent: Shri S.L. Anuragi, Sr. D.R
Section 10Section 10(38)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “SMC” : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.No.389/Del./2018 Assessment Year 2014-2015 Smt. Sunita Khemka, The ACIT, CC-15, 5A/4B, Ansari Road, vs Jhw. Extension, Darya Ganj, New Delhi New Delhi. PIN 110 002. PAN ABGPK4707P (Appellant) (Respondent) For Assessee : Shri Raj Kumar, C.A. & Shri Sumit Goel, C.A. For Revenue : Shri S.L. Anuragi, Sr. D.R. Date of Hearing : 12.07.2018 Date of Pronouncement : 02.08.2018 ORDER This appeal by assessee has been directed against the order of the Ld. CIT(A)-XXVI, New Delhi, dated 28.12.2017, for the A…

Shikha Dhawan, Gurgaon vs. ITO, Ward- 4(2), Gurgaon

In the result, the appeal of the assessee is allowed

ITA 3035/DEL/2018[2014-15]Status: DisposedITAT Delhi27 Jun 2018AY 2014-15

Bench: Sh.Bhavnesh Saini[Assessment Year: 2014-15] Vs Smt. Shikha Dhawan, Ito, C-101, Centre Park, Ward-4(2), Sector-42, Gurgaon. Gurgaon. Pan-Ccbps1718L (Appellant) (Respondent) Appellant By Sh. Gautam Jain & Sh. Peeyush Kamal, Advocate Respondent By Sh. S.L.Anuragi, Sr.Dr Date Of Hearing 11.06.2018 Date Of Pronouncement 27.06.2018

Section 10(38)Section 68

…and not that of make belief. Facts of the case only lead to the inference that these transactions are not genuine. Similar view has been held by the Hon'ble Jurisdictional Punjab & Haryana High Court in the case of Balbir Chand Maini V/s CIT 340 ITR 161 (P&H) 247 CTR 468 (P&H) and the Case of Som Nath Maini V/s CIT 306 ITR 484 (P&H). 3.14 Reference in this regard may also be made to the following case laws.- I. Sanjay Bimal Chand Jain L/h of Shanti Devi Bimal Chand Jain V/s CIT ITA No. 18/2017 (Mumbai High Court Nagpur Bench) II. Ratnakar M. Pujari V/s ITD ITA No. 995/Mum/2012 (res) dated 03/08/2016 III. Kamalch…

ITO, New Delhi vs. Smt. Shikha Khandelwal, New Delhi

In the result, the Revenue’s appeal is dismissed

ITA 3513/DEL/2014[2008-09]Status: DisposedITAT Delhi04 Jun 2018AY 2008-09

Bench: Shri H.S. Sidhu & Shri N.K. Billaiyaassessment Year: 2008-09

For Appellant: Sh. Gautam Jain, Adv. &For Respondent: Sh. K. Tiwari, Sr. DR
Section 143(3)Section 54FSection 64(1)(iv)Section 68

…18/2017) Hon’be Bombay High Court (nagpru Bench). - Chandan Gupta vs. CIT (2015) 54 taxmann.com 10 (P&H) (2015) 229 Taxman 173. - Balbir Chand Maini vs. CIT (2011) 12 Taxmann.com 10 (P&H) (2011) 201 Taxman 94 (P&H) (Mag.) (2012) 340 ITR 161 (P&H) (2012) 247 CTR 468 (P&H). - Usha Chandresh Shah vs. ITO (2014) TIOL 1459-ITAT- Mum. - Ratnakar M Pujari vs. ITO 2016 TIOL 1746-ITAT-Mum. 8. On the contrary, ld. Counsel of the assessee relied upon the order of the Ld. CIT(A) and also relied upon the Jurisdictional High Court decision dated 18.01.2017 passed in ITA Nos. 43/2016 & 44/2016 in the case of Pr. CIT v…

ACIT, New Delhi vs. Sh. Dushyant Kumar Jain, Delhi

The appeal of the Department stands dismissed

ITA 1468/DEL/2016[2011-12]Status: DisposedITAT Delhi27 Dec 2017AY 2011-12

Bench: Shri B.P.Jain & Shri Sudhanshu Srivastava

For Appellant: Shri S.K. Jain, Sr. DRFor Respondent: Shri Navin Kumar Jain, CA
Section 195Section 40Section 5(2)(b)Section 9

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI B.P.JAIN, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No. 1468/Del /2016 Asstt. Year: 2011-12 Asstt. Commissioner of Income Shri Dushyant Kumar Jain, Tax, Circle-63(1), Prop. M/s Bharat Impex, vs New Delhi. 3706, Barna Street, Bara Tooti, Sadar Bazar, Delhi-110006 (Appellant) (Respondent) Appellant by : Shri S.K. Jain, Sr. DR Respondent by : Shri Navin Kumar Jain, CA Date of Hearing : 09.11.2017 Date of Pronouncement: 27.12.2017 ORDER PER SUDHANSHU SRIVASTAVA, J.M. This appeal has been preferred by the…