CIT v. Jamnadevi Agarwal

Pankaj Kantilal Shah, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, the appeal filed by the revenue is dismissed and both the appeals of the assessee are allowed

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

…e assessee would prove the fact of purchase of shares. In any case, it is not the case of AO also. Hence the transactions of purchase and sale cannot be doubted with as held by Hon’ble jurisdictional Bombay High Court in the case of CIT vs. Jamnadevi Agarwal (328 ITR 656)(Bom). 22. The case of the AO is that the assessee has agreed to withdraw the exemption claimed u/s 10(38) of the Act before the search officials. In this regard, it is submitted by the assessee before tax authorities as well as before us that he could not explain the details of purchase and sale during the course of search proceedings, since al…

Pankaj Kantilal Shah, Mumbai vs. DCIT CC-6(3), Mumbai

In the result, the appeal filed by the revenue is dismissed and both the appeals of the assessee are allowed

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

…e assessee would prove the fact of purchase of shares. In any case, it is not the case of AO also. Hence the transactions of purchase and sale cannot be doubted with as held by Hon’ble jurisdictional Bombay High Court in the case of CIT vs. Jamnadevi Agarwal (328 ITR 656)(Bom). 22. The case of the AO is that the assessee has agreed to withdraw the exemption claimed u/s 10(38) of the Act before the search officials. In this regard, it is submitted by the assessee before tax authorities as well as before us that he could not explain the details of purchase and sale during the course of search proceedings, since al…

DCIT Cir 1(4), Mumbai vs. Anandilal & Ganesh Podar Society, Mumbai

In the result, all the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…No. 3801/Mum/2011 (Mumbai ITAT) (ix) Anil Nandkishore Goyal v. ACIT ITA Nos. 1256/PN/2012 (Pune ITAT) (x) CIT v. Sudeep Goenka (2014) 360 ITR 163 (Allahabad) (xi) CIT v. Udit Narain Agarwal (2013) 255 CTR 102 (Allahabad) (xii) CIT v. Janmadevi Agarwal (2010) 328 ITR 656 (Bombay HC) (xiii) CIT v. Homani M. Vakil in (Tax Appeal No. 1502 of 2011, dt. 259-2012) (xiv) CIT v. Maheshchandra G. Vakil in (Tax Appeal No. 1503 of 2011, dt. 25-9-2012) (xv) CIT v. Sumitra Devi (2014) 268 CTR 351 (Rajasthan) 18 ITA.No. 713/Mum/2020 (A.Y.2011-12) ITA NOs. 1791, 1790, 1792 & 1889/MUM/2021& Other appeals Anandilal and Ganesh Po…

DCIT Cir 1(4), Mumbai vs. Anandilal & Ganesh Podar Society, Mumbai

In the result, all the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…No. 3801/Mum/2011 (Mumbai ITAT) (ix) Anil Nandkishore Goyal v. ACIT ITA Nos. 1256/PN/2012 (Pune ITAT) (x) CIT v. Sudeep Goenka (2014) 360 ITR 163 (Allahabad) (xi) CIT v. Udit Narain Agarwal (2013) 255 CTR 102 (Allahabad) (xii) CIT v. Janmadevi Agarwal (2010) 328 ITR 656 (Bombay HC) (xiii) CIT v. Homani M. Vakil in (Tax Appeal No. 1502 of 2011, dt. 259-2012) (xiv) CIT v. Maheshchandra G. Vakil in (Tax Appeal No. 1503 of 2011, dt. 25-9-2012) (xv) CIT v. Sumitra Devi (2014) 268 CTR 351 (Rajasthan) 18 ITA.No. 713/Mum/2020 (A.Y.2011-12) ITA NOs. 1791, 1790, 1792 & 1889/MUM/2021& Other appeals Anandilal and Ganesh Po…

DCIT Cir 1(4), Mumbai vs. Anandilal & Ganesh Podar Society, Mumbai

In the result, all the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…No. 3801/Mum/2011 (Mumbai ITAT) (ix) Anil Nandkishore Goyal v. ACIT ITA Nos. 1256/PN/2012 (Pune ITAT) (x) CIT v. Sudeep Goenka (2014) 360 ITR 163 (Allahabad) (xi) CIT v. Udit Narain Agarwal (2013) 255 CTR 102 (Allahabad) (xii) CIT v. Janmadevi Agarwal (2010) 328 ITR 656 (Bombay HC) (xiii) CIT v. Homani M. Vakil in (Tax Appeal No. 1502 of 2011, dt. 259-2012) (xiv) CIT v. Maheshchandra G. Vakil in (Tax Appeal No. 1503 of 2011, dt. 25-9-2012) (xv) CIT v. Sumitra Devi (2014) 268 CTR 351 (Rajasthan) 18 ITA.No. 713/Mum/2020 (A.Y.2011-12) ITA NOs. 1791, 1790, 1792 & 1889/MUM/2021& Other appeals Anandilal and Ganesh Po…

Karishma Ajay Agarwal, Mumbai vs. Income Tax Officer, Mumbai

In the result the appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shir Pavan Kumar Gadalekarishma Ajay Agarwal Vs. Ito, Ward – 21(2)(1) 218A/219, Shah Nahar Aayakar Bhavan, Industrial Estate, Bk M.K.Road, Kher Marg, Mumbai-400020 Lower Parel, Mumbai-400013 Pan/Gir No. : Agapa3857D Appellant .. Respondent Appellant By : Shri Prakash Jhunjhunwala.Ar Respondent By : Shri Tejinder Pal Singhanand.Dr Date Of Hearing 15.12.2022 Date Of Pronouncement 02.03.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The National Faceless Appeal Centre (Nfac)/Cit(A), Delhi Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

…s that all the documentary evidences are in favour of assessee and learned CIT(A) has passed a very reasoned and speaking order and we do not find any infirmity in the same." 14. The Hon’ble High Court of Bombay in the case of CIT Vs. Smt. Jamnadevi Agrawal, 328 ITR 656 (Bom) has observed as under: Income-Cash credit-Genuineness of share transactions- Assessees offered long- term capital gains arising from sale of shares-On the basis of material seized during the search in the case of various assessees who belong to H group, AO did not accept the capital gains and treated the entire sale proceeds of the shares…

Shri Yogesh P.Thakkar, Mumbai vs. The DCIT CC-3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Dineshchandra D. Chhajed, Mumbai vs. DCIT CC3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Shri Nitin Popatlal Thakkar, Mumbai vs. The Dy.Citi Cent. Cir -3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Shri Nitin Popatlal Thakkar, Mumbai vs. The DCIT Cent.Cir-3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Smt Harhsa Nitin Thakkar, Mumbai vs. The Dy. Citi Cent. Cir -3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Nisha Yogesh Thakkar, Mumbai vs. DCIT CC 3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Smt. Harsh A Nitin Thakkar, Raigad vs. The DCIT Cent. Cir -3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Shri Yogesh P. Thakkar, Panvel vs. The DCIT, CC-3(4), Mumbai

In the result , the appeal of the assessee Shri Dineshchandra D

…shares are through Demat account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon‟ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom) wherein it was held that - From the documents produced before the Court it was seen that the shares in question were, in fact, purchased by the assessees on the respective dates and the company had confirmed to have handed over the shares purchased by the assessees. Similarly, the sale of the shares of the respective buyer was also establis…

Bhikam Chand Mutha, Mumbai vs. ITO 22(1)(3), Mumbai

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

…unt and sale of shares are through Demat account. There is no dispute regarding the purchase price and sale price of shares. Our view is further fortified by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom). 6.4. We find that independent enquiries were conducted by Securities and Exchange Board of India (SEBI in short) and SEBI had passed a separate order in respect of the said scrip in which assessee had dealt. In the said order, SEBI had listed out the names and PAN of various persons who were involved in artificial price rigging of shares a…

Shri Pravin C. Bokadia, Mumbai vs. The Income Tax Officer, Ward-19(2)(5), Mumbai

In the result , the appeal of the assessee is allowed

…e shares are sold in the open market through a registered stock broker in the recognized stock exchange after suffering STT. Our view is further fortified by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom). 6.4. I find that independent enquiries were conducted by Securities and Exchange Board of India (SEBI in short) and SEBI had passed a separate order in respect of the said scrip in which assessee had dealt. In the said order, SEBI had listed out the names and PAN of various persons who were 7 SHRI. PRAVIN C. BOKADIA involved in artificial…

Sankrt Shailendra Mody, Mumbai vs. Income Tax Officer 19(3) (2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri M.Balaganeshsanket Shailendra Vs. Income Tax Officer 19(3) (2) Mody Mumbai. 8/A, Navjeevan Patel, Compound, 20 Nepean Mumbai, Maharashtra 400007 Sea Road, Mumbai, Maharashtra 400006

…account. More so , when there is no dispute regarding the purchase price and sale price of shares. Our view is further 6 SANKRT SHAILENDRA MODY fortified by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs Jamnadevi Agarwal reported in 328 ITR 656 (Bom). 6.4. We find that independent enquiries were conducted by Securities and Exchange Board of India (SEBI in short) and SEBI had passed a separate order in respect of the said scrip in which assessee had dealt. In the said order, SEBI had listed out the names and PAN of various persons who were involved in artificial price rigging of shares a…

Dy.C.I.T. Cent. Cir-6(2), Mumbai vs. Shri Dilip B.Jiwrajka, Mumbai

In the result, the Cross Objections for AYs 2012-13 & 2013-14

…the Hon’ble Bombay High Court in their order in ITA No. 456 of 2007 dated 07-09-2011 has affirmed the order of this Tribunal. 49. The Ld. CIT(A) has rightly relied on another judgment of the Hon’ble Bombay High Court in the case of CIT Vs Jamna Devi Agarwal (328 ITR 656). In the decided case also the Revenue had disputed the genuineness of the long term capital gains derived by the assessee on sale of shares of listed companies for similar reasons as cited in the present case. On appeal, the Hon’ble High Court upheld C.O. 92 & 93/Mum/2022 A.Ys. 2012-13 to 15-16 Shri Dilip B. Jiwarajka the decision of this Tribu…