CCIT v. Nilesh Jain (HUF)

163 Taxmann.com 229High Court2024#8227 most cited

What is CCIT v. Nilesh Jain (HUF) authority for?

Long-term capital gains from share transactions cannot be treated as bogus if the assessee provides all documentary evidence and no contrary evidence exists. Where an assessee provides all relevant evidence for share transactions and no contradictory evidence is presented, treating the transactions as sham is not justified.

13

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2024 to 2026.

Also referred to as

CCIT v. Nilesh Jain (HUF) · bogus long term capital gain · section 10(38) · section 68 · penny stock · genuineness of shares · documentary evidence · share transactions · assessee burden of proof

Sections most often in play

Section 10(38)Section 68Section 147Section 143(3)Section 148Section 151Section 250Section 69C

Issues it is cited on

bogus long term capital gainprice riggingsection 151(1)material facts necessary for assessmentbogus ltcgpenny stocklive linksection 10(38)kelvinatormere change of opinionamalgamationborrowed satisfaction

Judgments citing CCIT v. Nilesh Jain (HUF)

Vaneet Aggarwal, New Delhi vs. ACIT, Circle-14(2), New Delhi

In the result, appeal of the Assessee is dismissed

ITA 2607/DEL/2019[2015-16]Status: DisposedITAT Delhi13 Mar 2026AY 2015-16

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumar

Section 10(38)Section 143(1)Section 143(2)Section 69ASection 69C

…ITA No. 2607/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F': NEW DELHI BEFORE SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER ITA No.2607 /Del./2019, A.Y. 2015-16 Vs. ACIT, Circle 14(2), New Delhi (Respondent) Vaneet Aggarwal, D-95, Pushpanjali Enclave, Pitampura, Delhi PAN: AGXPA8770A (Appellant) Assessee by Revenue by Date of Hearing Date of Pronouncement Shri K. Sampath, Adv, Shri V Rajkumar, Adv. Ms. Harpreet Kaur Hansra, Sr. DR 21/01/2026 13/03/2026 ORDER PER S. RIFAUR RAHMAN, AM The Assessee has filed appeal against the order of the Learned Com…

Sindhumati Ramavtar Pathak, Borivali Mumbai vs. Asst Commissioner of Income Tax 32 3 Mumbai Presently Dy C I T Circle 42 3 1 Mumbai, Mumbai

In the result, Assessee’s appeal is allowed

ITA 4914/MUM/2025[2015-16]Status: DisposedITAT Mumbai24 Dec 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry (Jm) & Shri Prabhash Shankar (Am) Sindhumati Ramavtar Pathak Acit-32(3) 4, Shree Bhalchandra Kripa Presently Cit, Circle Building, Daulat Nagar Road Vs. 42(3)(1) No. 3, Borivali East Kautilya Bhavan Bkc, Mumbai-400 066. Mumbai-51. Pan : Agbpp5972D Appellant Respondent

For Appellant: Shri Jitendra Singh, Ld. ADVFor Respondent: Ms. Kavitha Kaushik, Ld. DR
Section 10(38)Section 250Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “F” Bench, Mumbai Before Shri Narender Kumar Choudhry (JM) & Shri Prabhash Shankar (AM) Sindhumati Ramavtar Pathak ACIT-32(3) 4, Shree Bhalchandra Kripa Presently CIT, Circle Building, Daulat Nagar Road Vs. 42(3)(1) No. 3, Borivali East Kautilya Bhavan BKC, Mumbai-400 066. Mumbai-51. PAN : AGBPP5972D Appellant Respondent Assessee by : Shri Jitendra Singh, Ld. ADV Revenue by : Ms. Kavitha Kaushik, Ld. DR Date of Hearing : 04 /11/2025 Date of : 24/12/2025 pronouncement O R D E R Per Narender Kumar Choudhry (JM) :- 1. This appeal has been preferred by the Assessee agai…

Rajendra Kumar Mundra (HUF), Mumbai vs. National Faceless Assessment Centre (NFAC), Delhi

In the result the appeal filed by the assessee stands allowed

ITA 1000/MUM/2024[2016-17]Status: DisposedITAT Mumbai06 Aug 2025AY 2016-17

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

Section 147Section 148Section 2Section 263Section 68Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER& SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Rajendra Kumar Mundra Vs. ITO, Ward 24(3)(1) (HUF) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – YMCA DN Nagar Andheri (W) 400012. 400053. PAN/GIR No.AADH6828J (Applicant) (Respondent) Assessee by Shri Vimal Punmiya, CA & Shri Anand Mundra, CA Revenue by Shri Annavaran Kosuri, Sr. AR Date of Hearing 22.07.2025 Date of Pronouncement 06.08.2025 आदेश / ORDER PER SANDEEP GOSAIN, JM: The present appeal has been filed by the assessee challenging the impugned…

Principal Commissioner of Income Tax 2 Kolkata vs. M/S Zulu Merchandise Pvt Ltd

The appeal is allowed the order passed by

ITAT/88/2025HC Calcutta01 Aug 2025

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS)

Section 142(1)Section 143(2)Section 260ASection 68

…03.2024. In the preceding paragraphs, we have dealt with this issue in detail and recorded our conclusions that the case on hand would fall within the exception as contained in paragraph 7 [2024] 163 Taxmann.com 229 (Madhya Pradesh) 8 [2024] 168 Taxmann.com 11 (Calcutta) ITAT NO. 88 OF 2025 REPORTABLE Page 24 of 24 3.1(h) of the Circular No. 5 of 2024. Therefore, the decision in Brightstar Vincom Private Limited cannot be applied to the assessee’s case. 22. For all the above reasons, we hold that the learned tribunal committed a…

Hetal Daxesh Shah, Mumbai vs. A. C. of Income Tax 19 (1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 176/MUM/2025[2012-2013]Status: DisposedITAT Mumbai27 May 2025AY 2012-2013

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhan

Section 10(38)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 148Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER AND SHRI RAJ KUMAR CHAUHAN, JUDICIAL MEMBER I.T.A. No.176/Mum/2025 Assessment Year: 2012-13 Ms. Hetal Daxesh Shah Vs. The Assistant 604, 6th Floor, Commissioner of Deccan Vikas, Income Tax-19(1), V.P.Road, Piramal Chambers, Khotachiwadi, Lalbaug, Mumbai-400004. Mumbai-400012. PAN: ARWPS1310C (Appellant) (Respondent) Appellant by Shri. Sanjay Parikh Respondent by Shri. Hemanshu Joshi, SR. D.R. Date of Hearing 01.05.2025 Date of Pronouncement 27.05.2025 ORDER Per Vikram Singh Yadav, A.M.: The present appea…

Jaibhagwan Banarasidas Jindal, Jalna vs. The Income Tax Officer, Ward-1, Jalna

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

ITA 2016/PUN/2024[2016-17]Status: DisposedITAT Pune27 Feb 2025AY 2016-17

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17

For Appellant: Shri Jaiprakash BairagraFor Respondent: Shri Ramnath P Murkunde
Section 10(38)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 151

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Assessment year : 2016-17 Jaibhagwan Banarasidas Jindal ITO, Ward-1, Jalna 29, New Mondha, Bus Stand, Jalna HO, Vs. Jalna – 431203 PAN: AAQPJ5374E (Appellant) (Respondent) Assessee by : Shri Jaiprakash Bairagra Department by : Shri Ramnath P Murkunde Date of hearing : 06-01-2025 Date of pronouncement : 27-02-2025 O R D E R PER R. K. PANDA, VP : This appeal filed by the assessee is directed against the order dated 02.08.2024 of the Ld. CIT(A) / NFAC, Delhi relating to assess…

Amar Kasera (HUF), Patna vs. ACIT Central Circle-1, Patna

In the result, all the captioned appeals of the assessee stand allowed

ITA 183/PAT/2023[2015-16]Status: DisposedITAT Patna29 Jan 2025AY 2015-16

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Section 133ASection 143(3)Section 148Section 153ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH, VIRTUAL HEARING AT KOLKATA Before SRI SANJAY GARG, JUDICIAL MEMBER & SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 179/PAT/2023 Assessment Year: 2011-12 & I.T.A. Nos.: 180 to 183/PAT/2023 Assessment Years: 2013-14 to 2015-16 Amar Kasera (HUF) ………….. Appellant 2A, Narayan Nilayam Apt., Ranendra Nagar, Bihar, Patna-800016. (PAN: AACHA8474Q) Vs. ACIT, Central Circle-1, Patna .............. Respondent Appearances: Appellant represented by: Shri Devesh Poddar, Advocate Respondent represented by: Shri Ashwani Kr. Singal, JCIT Date of concluding the hearing : 16.01…

Amar Kasera (HUF), Patna vs. ACIT Central Circle-1, Patna

In the result, all the captioned appeals of the assessee stand allowed

ITA 182/PAT/2023[2015-16]Status: DisposedITAT Patna29 Jan 2025AY 2015-16

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Section 133ASection 143(3)Section 148Section 153ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH, VIRTUAL HEARING AT KOLKATA Before SRI SANJAY GARG, JUDICIAL MEMBER & SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 179/PAT/2023 Assessment Year: 2011-12 & I.T.A. Nos.: 180 to 183/PAT/2023 Assessment Years: 2013-14 to 2015-16 Amar Kasera (HUF) ………….. Appellant 2A, Narayan Nilayam Apt., Ranendra Nagar, Bihar, Patna-800016. (PAN: AACHA8474Q) Vs. ACIT, Central Circle-1, Patna .............. Respondent Appearances: Appellant represented by: Shri Devesh Poddar, Advocate Respondent represented by: Shri Ashwani Kr. Singal, JCIT Date of concluding the hearing : 16.01…

Amar Kasera (HUF), Patna vs. ACIT Central Circle-1, Patna

In the result, all the captioned appeals of the assessee stand allowed

ITA 181/PAT/2023[2014-15]Status: DisposedITAT Patna29 Jan 2025AY 2014-15

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Section 133ASection 143(3)Section 148Section 153ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH, VIRTUAL HEARING AT KOLKATA Before SRI SANJAY GARG, JUDICIAL MEMBER & SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 179/PAT/2023 Assessment Year: 2011-12 & I.T.A. Nos.: 180 to 183/PAT/2023 Assessment Years: 2013-14 to 2015-16 Amar Kasera (HUF) ………….. Appellant 2A, Narayan Nilayam Apt., Ranendra Nagar, Bihar, Patna-800016. (PAN: AACHA8474Q) Vs. ACIT, Central Circle-1, Patna .............. Respondent Appearances: Appellant represented by: Shri Devesh Poddar, Advocate Respondent represented by: Shri Ashwani Kr. Singal, JCIT Date of concluding the hearing : 16.01…

Amar Kasera (HUF), Patna vs. ACIT Central Circle-1, Patna

In the result, all the captioned appeals of the assessee stand allowed

ITA 180/PAT/2023[2013-14]Status: DisposedITAT Patna29 Jan 2025AY 2013-14

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Section 133ASection 143(3)Section 148Section 153ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH, VIRTUAL HEARING AT KOLKATA Before SRI SANJAY GARG, JUDICIAL MEMBER & SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 179/PAT/2023 Assessment Year: 2011-12 & I.T.A. Nos.: 180 to 183/PAT/2023 Assessment Years: 2013-14 to 2015-16 Amar Kasera (HUF) ………….. Appellant 2A, Narayan Nilayam Apt., Ranendra Nagar, Bihar, Patna-800016. (PAN: AACHA8474Q) Vs. ACIT, Central Circle-1, Patna .............. Respondent Appearances: Appellant represented by: Shri Devesh Poddar, Advocate Respondent represented by: Shri Ashwani Kr. Singal, JCIT Date of concluding the hearing : 16.01…

Amar Kasera (HUF), Patna vs. ACIT Central Circle-1, Patna

In the result, all the captioned appeals of the assessee stand allowed

ITA 179/PAT/2023[2011-12]Status: DisposedITAT Patna29 Jan 2025AY 2011-12

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Section 133ASection 143(3)Section 148Section 153ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH, VIRTUAL HEARING AT KOLKATA Before SRI SANJAY GARG, JUDICIAL MEMBER & SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No.: 179/PAT/2023 Assessment Year: 2011-12 & I.T.A. Nos.: 180 to 183/PAT/2023 Assessment Years: 2013-14 to 2015-16 Amar Kasera (HUF) ………….. Appellant 2A, Narayan Nilayam Apt., Ranendra Nagar, Bihar, Patna-800016. (PAN: AACHA8474Q) Vs. ACIT, Central Circle-1, Patna .............. Respondent Appearances: Appellant represented by: Shri Devesh Poddar, Advocate Respondent represented by: Shri Ashwani Kr. Singal, JCIT Date of concluding the hearing : 16.01…

Bhavana Lalit Jain, Navi Mumbai vs. Income Tax Officer, WD-15(1)(1), Mumbai

The appeals are allowed

ITA 1016/MUM/2024[2014-15]Status: DisposedITAT Mumbai15 Oct 2024AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shriraj Kumar Chauhan, Jm

Section 10Section 143Section 147Section 148Section 68

…A Y : 2014–15 Bhavna Lalit Jain Versus Income Tax Officer, Mumbai IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRIRAJ KUMAR CHAUHAN, JM ITA No. A.Y.2014-15 1016/MUM/2024 Mrs. Bhavna Lalit Jain The Income Tax Plot number 21, Officer Maharashtra sector 1A Ward – 15 (1) (1) Vs. Koper Khairane Aayakar Bhavan Maharashtra 400708 Maharishi Karve Road New Marine Lines Mumbai 400020 (Appellant) (Respondent) PAN ACIPJ0205E Assessee by Shri Prakash G. Jhunjhunwala Revenue by Shri Ashok Kumar Ambastha, Sr. (DR), 25th August, 2024 Date of hearing 15th October 2024 Date of…

ITO-28.3.1, Navi Mumbai vs. Seema Narendra Bapna, Nerul

In the result both the grounds of appeal are dismissed

ITA 1120/MUM/2024[2014-15]Status: DisposedITAT Mumbai10 Oct 2024AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm A.Y.2014-15 Ito,28.3.1, Seema Narendra Bapna, Mumbai Flat No.A 2701, Plot No. R3 B Emerald Bay, Sector Vs. 14 Nerul, Navi Mumbai, Thane 400706

Section 143Section 147Section 148

…A Y : 2014–15 Income Tax Officer Versus Seema Narendra Bapna IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI RAJ KUMAR CHAUHAN, JM A.Y.2014-15 ITO,28.3.1, Seema Narendra Bapna, Mumbai Flat No.A 2701, Plot No. R3 B Emerald Bay, Sector Vs. 14 Nerul, Navi Mumbai, Thane 400706 (Appellant) (Respondent) PAN ALGPS6788Q Assessee by Shri Prakash G. Jhunjhunwala Revenue by Shri Ashok Kumar Ambastha, Sr. (DR), 22ndAugust, 2024 Date of hearing Date of pronouncement 10 October 2024 O R D E R PER PRASHANT MAHARISHI, AM: 1. ITA number 1120/M/2024 is filed by The Income Tax…