CIT v. Jamnadevi Agarwal

328 ITR 656High Court2010#385 most cited

What is CIT v. Jamnadevi Agarwal authority for?

When faced with allegations of bogus long-term capital gains from penny stocks, the Assessing Officer must discharge the onus of proving that the assessee's transactions were not genuine. The assessee can rely on the principle of preponderance of probability, and the Revenue must present substantial evidence to establish that the transactions were a colourable device or that the assessee was an entry operator.

230

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Jamnadevi Agarwal · section 10(38) · bogus long term capital gain · penny stock · period of holding · preponderance of probability · long term capital gains · entry operator · colourable device · cash credit · section 68

Also reported as

20 Taxmann.com 529

Sections most often in play

Section 10(38)Section 68Section 143(3)Section 69CSection 147Section 131Section 148Section 133(6)

Issues it is cited on

price riggingbogus long term capital gainbogus ltcgpenny stocksection 10(38)period of holdingpreponderance of probabilitylong term capital gainsentry operatorcolourable devicelong term capital gainaccommodation entry

Judgments citing CIT v. Jamnadevi Agarwal

Alpa Udaykumar Shah, Bhavnagar vs. ITO, Ward-1(2), Bhavnagar

In the result, the appeal of the assessee is allowed

ITA 391/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad26 Aug 2022AY 2014-15

Bench: Shri Waseem Ahmed, Accountant Memebr & Shri Siddhartha Nautiyal, Judicial Memebr

For Appellant: Shri Darshan GandhiFor Respondent: 08/06/2022
Section 10(38)Section 131(1)Section 68

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘C’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMEBR & SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMEBR आयकर अपील सं./I.T.A. No. 391/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2014-15) Alpa Udaykumar Shah बनाम/ The Income Tax Officer 201, Siddhchakra Flats, Ward 1(2) Vs. Blood Bank Road, Aaykar Bhavan, Krishnanagar, Bhavnagar - Nakubaug, Bhavnagar 364001 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : BFLPS7506A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/Appellant by : Shri Darshan Gandhi, Advocate Shri V.…

Sangeeta Basavraj Mangrule, Aurangabad vs. Assistant Commissioner of Income-Tax, Circle - 2, Aurangabad

Appeal is dismissed in above terms

ITA 706/PUN/2019[2015-16]Status: DisposedITAT Pune11 Aug 2022AY 2015-16
For Appellant: NoneFor Respondent: Shri M.G. Jasnani
Section 10(38)Section 131Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, PUNE SINGLE MEMBER CASE SHRI S.S. GODARA, JUDICIAL MEMBER ITA No. 706/PUN/2019 : Assessment Year : 2015-16 Sangeeta B. Mangrule Plot No. 64, Mayurban Colony, Shahnoorwadi Darga Road, Aurangabad PAN: AJIPM 9153 H :Appellant Vs. The Asstt. CIT Cir. 2, Aurangabad : Respondent Appellant by : None Respondent by : Shri M.G. Jasnani Date of Hearing : 28-07-2022 Date of Pronouncement : 11-08-2022 ORDER This assessee’s appeal for A.Y. 2015-16 arises against the CIT(A)- 2, Aurangabad’s order dated 07-02-2019 passed in case No. ABD/CIT(A)- 2/461/2017-18, involving proceedings u/s 143…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…

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

…f the shares of penny stock companies is of the nature of an adventure and to explain this concept, reliance was placed on the decision of this Court in ITO, “A” Ward, 68 ITA No. 270 of 1999 69 328 ITR 656 (Bom) 70 299 ITR 179 (P&H) 71 2008 4 SCC 144 72 1967 AIR 295 ITAT NO. 06 OF 2022 AND ETC. BATCH Page 64 of 150 District (A), & Ors. Versus R. L. Rajghoria 73 and such argument was never raised by the revenue before the Tribunal and therefore, cannot be permitted to be raised for the first time before this Court. To support such conte…