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 366,470 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

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

…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 13 Kolkata vs. Smt Ganapati Devi Agarwal

In the result, these appeals are allowed and the substantial

ITAT/34/2021HC 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, Kol vs. Sunita Goyal

In the result, these appeals are allowed and the substantial

ITAT/78/2021HC 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. Nitin Kumar Agarwal

In the result, these appeals are allowed and the substantial

ITAT/36/2021HC 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 HUF

In the result, these appeals are allowed and the substantial

ITAT/89/2021HC 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 Kol 5 vs. Ranjika Gupta

In the result, these appeals are allowed and the substantial

ITAT/80/2021HC 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. Neetu Agarwal

In the result, these appeals are allowed and the substantial

ITAT/3/2021HC 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. Nand Kishore Agarwala

In the result, these appeals are allowed and the substantial

ITAT/22/2021HC 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. M/S. Gopal Prasad Tikmani HUF

In the result, these appeals are allowed and the substantial

ITAT/153/2021HC 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, Kol vs. Ramakant Beriwala

In the result, these appeals are allowed and the substantial

ITAT/60/2021HC 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. M/S Girish Tikmani HUF

In the result, these appeals are allowed and the substantial

ITAT/157/2021HC 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. Girish Tikmani

In the result, these appeals are allowed and the substantial

ITAT/156/2021HC 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. Gopal Prasad Tikmani

In the result, these appeals are allowed and the substantial

ITAT/151/2021HC 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. Swati Bajaj

In the result, these appeals are allowed and the substantial

ITAT/6/2022HC 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…

It0 25(3)(4), Mumbai vs. Minal Bharat Patel, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 5507/MUM/2018[2010-11]Status: DisposedITAT Mumbai14 Jun 2022AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.5507/Mum/2018 (निर्धारण वर्ा / Assessment Years: 2013-14) Ito-25(3)(4) बिधम/ Minal Bharat Patel Room No. 603, C-10, 6Th 602, Boston House, Suren Vs. Floor, Pratyakshkar Bhavan, Road, Andheri (E), Bandra Kurla Complex, Mumbai-400093. Bandra (E), Mumbai- 400093. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aacpp5126G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Vasudev Ginde & Kumar Kale Revenue By: Shri Ram Krishn Kedia सुनवाई की तारीख / Date Of Hearing: 30/05/2022 घोषणा की तारीख /Date Of Pronouncement: 14/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)-37, Mumbai Dated 16.07.2018 For The Assessment Year 2013-14. 2. Brief Facts Of The Case Are That The Assessee Is An Individual. The Return Of Income Was Filed On 31.07.2013 Declaring Total Income Of Rs.16,36,740/-. The Return Was Processed U/S 143(1) Of The Income Tax Act, 1961 (Hereinafter “The Act”). Subsequently, The Case Was Selected For Scrutiny By Issue Of Notice U/S 143(2) Of The Act. The Authorized Representative Appeared Before The Ao & Filed Details During The Assessment Proceedings. The Assessee Has Shown Short Term Capital Gain [Stcg] Of Rs.12,18,961/- & Long Term Capital Gain [Ltcg] Of Rs.17.01.85,391/- On Sale Of Shares. The Assessee Claimed Exemption U/S 10(38) Of The Act For The Entire Ltcg. Further, The Assessee Had Also Shown Ltcg Of Rs.1,00,31,538/- On Redemption

For Appellant: Shri Vasudev Ginde & Kumar KaleFor Respondent: Shri Ram Krishn Kedia
Section 10(38)Section 143(1)Section 143(2)

…the information downloaded from the website of NSDL that off-market transactions are recognized and permitted. In this regard, the Ld. AR drew our attention to the decision of the Hon’ble Bombay High Court in the case of CIT Vs. Smt. Jamnadevi Agarwal (2010) 328 ITR 656 (Bom) wherein it was observed “…….it is true that some of the transactions were off-market transactions. However, the purchase and sale price of the purchase shares declared by the assessee were in conformity with the market price prevailing on the respective dates as is seen from the documents furnished by the assessee. Therefore, the fact that…

Harshita Chhawchharia vs. Commissioner of Income Tax, Kolkata-20

In the result, these appeals are allowed and the substantial

ITA/3/2021HC Calcutta07 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…

Deepak Valji Karia, Mumbai vs. ITO - 28(1)(3), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 259/MUM/2021[2015-16]Status: DisposedITAT Mumbai10 Mar 2022AY 2015-16

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Bleshri Deepak Valji Karia V. Income Tax Officer – 28(1)(3) Flat No. 2501, B Wing Room No. 327 Maroj Palm Paradise Tower No. 6, 3Rd Floor Palm Beach Road, Sector 17 Vashi Railway Station Building Complex Vashi, Navi Mumbai-400703 Sanpada, Navi Mumbai 400705 Pan: Ahfpk2679F (Appellant) (Respondent) Assessee By : Ms. Dinkle Hariya Department By Shri Sanjeev Kashyp

For Appellant: Ms. Dinkle Hariya
Section 10(38)Section 131Section 143(2)Section 143(3)

…by Hon’ble Supreme Court in SLP (Civil) No. 20146 of 2012] (ii) CIT v. Damyanti Mukesh Marolia — [ITXA 154 of 2009, Order Dated 19.03.2009 Bombay High Court] (iii) CIT v. Shyam R. Pawar — [(2015) 54 taxmann.com 108 (Bom)] (iv) CIT v. Jamnadevi Agarwal [(2010) 328 ITR 656 (Bom HC)] (v) Dipesh Ramesh Vardhan v. DCIT [ITA No. 7648/M/2019, Order dated 11.08.2020] (vi) Chhaya Hasmukhlal Ranawat v. ITO [ITA No. 3278/M/2019, Order dated 03.02.2021] (vii) Vijayrattan Balkrishna Mittal v. DCIT (2020) 121 taxmann.com 100 (Mum Trib.)] 9. In case of allegation of bogus cash credit that the Assessee has given cash and receive…

Smt. Sarita Lodha, Mumbai vs. The Dy CIT-CC-4(4), Mumbai

In the result, appeals filed by the assessees are partly allowed

ITA 237/MUM/2021[2016-17]Status: DisposedITAT Mumbai05 Jan 2022AY 2016-17

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Respondent: Shri Rakesh Garg
Section 10(38)Section 132Section 143(3)

…020 (iii). Principle CIT-12, Vs Krishna Devi (ITA No. 125/2020) (Delhi HC) (iv). CIT-13 Vs Shyam R. Pawar (2015) 229 Taxmann 256 (Bombay HC) (v). Madhu Killa Vs. ACIT, Kolkata (ITA No. 834/Kol/2018) decided on 02.11.2018 (vi). CIT Vs Jamnadevi Agarawal (2010) 328 ITR 656 (Bom HC) (vii). CIT Vs Mukesh Marolia Bom (ITA No. 456 of 2007 Decided on 07.09.2011 22. The Ld. AR further submitted that during the course of search proceedings, no incriminating material was unearthed to discredit the documentary evidences submitted by the Assessee in support of the share transactions relating to the script Sunrise Asian Ltd a…

Smt. Sarita Lodha, Mumbai vs. The Dy CIT, Central Circle-4(4), Mumbai

In the result, appeals filed by the assessees are partly allowed

ITA 236/MUM/2021[2010-11]Status: DisposedITAT Mumbai05 Jan 2022AY 2010-11

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Respondent: Shri Rakesh Garg
Section 10(38)Section 132Section 143(3)

…020 (iii). Principle CIT-12, Vs Krishna Devi (ITA No. 125/2020) (Delhi HC) (iv). CIT-13 Vs Shyam R. Pawar (2015) 229 Taxmann 256 (Bombay HC) (v). Madhu Killa Vs. ACIT, Kolkata (ITA No. 834/Kol/2018) decided on 02.11.2018 (vi). CIT Vs Jamnadevi Agarawal (2010) 328 ITR 656 (Bom HC) (vii). CIT Vs Mukesh Marolia Bom (ITA No. 456 of 2007 Decided on 07.09.2011 22. The Ld. AR further submitted that during the course of search proceedings, no incriminating material was unearthed to discredit the documentary evidences submitted by the Assessee in support of the share transactions relating to the script Sunrise Asian Ltd a…

Shri. Shripal Raj Lodha, Mumbai vs. The Dy CIT-CC-4(4), Mumbai

In the result, appeals filed by the assessees are partly allowed

ITA 1336/MUM/2021[2011-12]Status: DisposedITAT Mumbai05 Jan 2022AY 2011-12

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Respondent: Shri Rakesh Garg
Section 10(38)Section 132Section 143(3)

…020 (iii). Principle CIT-12, Vs Krishna Devi (ITA No. 125/2020) (Delhi HC) (iv). CIT-13 Vs Shyam R. Pawar (2015) 229 Taxmann 256 (Bombay HC) (v). Madhu Killa Vs. ACIT, Kolkata (ITA No. 834/Kol/2018) decided on 02.11.2018 (vi). CIT Vs Jamnadevi Agarawal (2010) 328 ITR 656 (Bom HC) (vii). CIT Vs Mukesh Marolia Bom (ITA No. 456 of 2007 Decided on 07.09.2011 22. The Ld. AR further submitted that during the course of search proceedings, no incriminating material was unearthed to discredit the documentary evidences submitted by the Assessee in support of the share transactions relating to the script Sunrise Asian Ltd a…