CIT v. Smt. Jasvinder Kaur

357 ITR 638Reported decision2013#1243 most cited

What is CIT v. Smt. Jasvinder Kaur authority for?

The benefit of Section 10(38) for long-term capital gains is not available when transactions in penny stocks are found to be part of a scheme involving price manipulation or accommodation entries, indicating the gains are not genuine and lack actual investment.

91

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2025.

Also referred to as

CIT v. Smt. Jasvinder Kaur · 357 ITR 638 · Section 10(38) · Section 68 · bogus long term capital gain · penny stock transactions · accommodation entry · price manipulation · genuineness of transactions · onus of proof · capital gains exemption · colourable device

Also reported as

37 Taxmann.com 286

Sections most often in play

Section 10(38)Section 68Section 69CSection 139(4)Section 142(1)Section 143(2)Section 148Section 37

Issues it is cited on

onus of proofcircular tradingcolourable devicebogus ltcgpaper companybogus long term capital gainpenny stocksection 10(38)entry operatorlong term capital gainslong term capital gainaccommodation entry

Judgments citing CIT v. Smt. Jasvinder Kaur

Joggere Sampangappa Venkatesh, Bengaluru vs. The Income Tax Officer, Ward- 2(2)(5), Bengaluru

In the result, all the appeals are treated as allowed for statistical purposes

ITA 1872/BANG/2019[2015-16]Status: DisposedITAT Bangalore03 Jan 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri A K Garodia

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Sunil Kumar Agarwal, Jt.CIT(DR)(ITAT), Bengaluru
Section 10(38)Section 68

…2, order dated 03.08.2016. Disha N. Lalwani vs. ITO in ITA No. 6398/Mum/2012, order dated 22.03.2017, ITO vs. Shamim. M Bharwoni [2016] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858/Mum/2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. Facts as well as rationale given by Hon 'ble High Court are squarely applicable to case before us. Hence, keeping in view overall facts and circumstances of case that profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld…

Shri. Joggere Sampangappa Ananth, Bengaluru vs. The Income Tax Officer, Ward-2(2)(4), Bangalore

In the result, all the appeals are treated as allowed for statistical purposes

ITA 1866/BANG/2019[2015-16]Status: DisposedITAT Bangalore03 Jan 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri A K Garodia

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Sunil Kumar Agarwal, Jt.CIT(DR)(ITAT), Bengaluru
Section 10(38)Section 68

…2, order dated 03.08.2016. Disha N. Lalwani vs. ITO in ITA No. 6398/Mum/2012, order dated 22.03.2017, ITO vs. Shamim. M Bharwoni [2016] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858/Mum/2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. Facts as well as rationale given by Hon 'ble High Court are squarely applicable to case before us. Hence, keeping in view overall facts and circumstances of case that profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld…

Smt. Mahalakshmi, Bengaluru vs. The Income Tax Officer, Ward-2(2)(4), Bengaluru

In the result, all the appeals are treated as allowed for statistical purposes

ITA 1869/BANG/2019[2015-16]Status: DisposedITAT Bangalore03 Jan 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri A K Garodia

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Sunil Kumar Agarwal, Jt.CIT(DR)(ITAT), Bengaluru
Section 10(38)Section 68

…2, order dated 03.08.2016. Disha N. Lalwani vs. ITO in ITA No. 6398/Mum/2012, order dated 22.03.2017, ITO vs. Shamim. M Bharwoni [2016] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858/Mum/2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. Facts as well as rationale given by Hon 'ble High Court are squarely applicable to case before us. Hence, keeping in view overall facts and circumstances of case that profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld…

Smt. Sheela Ananth, Bengaluru vs. The Income Tax Officer, Ward-2(2)(5), Bangalore

In the result, all the appeals are treated as allowed for statistical purposes

ITA 1868/BANG/2019[2015-16]Status: DisposedITAT Bangalore03 Jan 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri A K Garodia

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Sunil Kumar Agarwal, Jt.CIT(DR)(ITAT), Bengaluru
Section 10(38)Section 68

…2, order dated 03.08.2016. Disha N. Lalwani vs. ITO in ITA No. 6398/Mum/2012, order dated 22.03.2017, ITO vs. Shamim. M Bharwoni [2016] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858/Mum/2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. Facts as well as rationale given by Hon 'ble High Court are squarely applicable to case before us. Hence, keeping in view overall facts and circumstances of case that profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld…

Shri. Joggere Ananth Santosh, Bengaluru vs. The Income Tax Officer, Ward-2(2)(5), Bengaluru

In the result, all the appeals are treated as allowed for statistical purposes

ITA 1867/BANG/2019[2015-16]Status: DisposedITAT Bangalore03 Jan 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri A K Garodia

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Sunil Kumar Agarwal, Jt.CIT(DR)(ITAT), Bengaluru
Section 10(38)Section 68

…2, order dated 03.08.2016. Disha N. Lalwani vs. ITO in ITA No. 6398/Mum/2012, order dated 22.03.2017, ITO vs. Shamim. M Bharwoni [2016] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858/Mum/2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. Facts as well as rationale given by Hon 'ble High Court are squarely applicable to case before us. Hence, keeping in view overall facts and circumstances of case that profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld…

Smt. Sudha Eashwar, Chennai vs. ITO, Ncw - 14 (3), Chennai

In the result, the appeal filed by the assessee in ITA

ITA 2342/CHNY/2019[2014-15]Status: DisposedITAT Chennai02 Jan 2020AY 2014-15

Bench: Shri George Mathan & Shri Ramit Kocharआयकर अपील सं./Ita No.2342/Chny/2019 "नधा"रण वष" /Assessment Year: 2014-15 V. Smt. Sudha Eashwar, The Income Tax Officer No.23A, P.T.Rajan Salai, Non-Corporate Ward-14(3) K.K.Nagar, Chennai Chennai-600 078. [Pan: Alxps 0601 D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : None ""यथ" क" ओर से /Respondent By : Ms.Sumathi Venkatraman, Jcit सुनवाई क" तार"ख/Date Of Hearing : 09.10.2019 घोषणा क" तार"ख /Date Of Pronouncement : 02.01.2020 आदेश / O R D E R Per Ramit Kochar:

For Appellant: NoneFor Respondent: Ms.Sumathi Venkatraman
Section 143(3)

…2019 Page 9 of 10 Disha N. Lalwani vs. ITO in ITA No. 6398 I Mum I 2012, order dated 22.03.2017. ITO vs. Shamim. M Bharwoni [20 16] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858 I Mum I 2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. facts as well as rationale given by Hon 'ble High Court are squarely applicable to case before us. Hence, keeping in view overall facts and circumstances of case that profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld…

Suman Poddar vs. Income Tax Officer

ITA/841/2019HC Delhi17 Sept 2019

Bench: HON'BLE MR. JUSTICE VIPIN SANGHI,HON'BLE MR. JUSTICE SANJEEV NARULA

Section 10

…Page 10 of 10 Disha N. Lalwani vs. ITO in ITA No. 6398 I Mum I 2012, order dated 22.03.2017. ITO vs. Shamim. M Bharwoni [20 16] 69 taxmann.com 65. Usha Chandresh Shah Vs ITO in ITA No. 6858 I Mum I 2011, order dated 26.09.2014. CIT vs. Smt. Jasvinder Kaur 357 ITR 638. 12. The facts as well as rationale given by the Hon 'ble High Court are squarely applicable to the case before us. Hence, keeping in view the overall facts and circumstances of the case that the profits earned by the assessee are a part of major scheme of the accommodation entries and keeping in view the ratio of the judgments quoted above, we,…

Suman Poddar, New Delhi vs. ITO, Ward-39(5), New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1006/DEL/2019[2014-15]Status: DisposedITAT Delhi25 Jul 2019AY 2014-15

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1006/Del/2019 : Asstt. Year : 2014-15 Suman Poddar, Vs Income Tax Officer, C/O Raj Kumar & Associates, Ward-39(5), Cas, L-7A (Lgf), South New Delhi-110002 Extension, Part-Ii, New Delhi-110049 (Appellant) (Respondent) Pan No. Aaopp4893N Assessee By : Sh. Raj Kumar Gupta, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 03.07.2019 Date Of Pronouncement: 25.07.2019 Order Per Dr. B. R. R. Kumar:

For Appellant: Sh. Raj Kumar Gupta, CAFor Respondent: Ms. Ashima Neb, Sr. DR
Section 10(38)Section 68

…rder dated 03.08.2016 " Disha N. Lalwani vs. ITO in ITA No. 6398/Mum/2012, order dated 22.03.2017 " ITO vs. Shamim M. Bharwoni [2016] 69 taxmann.com 65 " Usha Chandresh Shah Vs ITO in ITA No. 6858/Mum/2011, order dated 26.09.2014 " CIT vs. Smt. Jasvinder Kaur 357 ITR 638 12. The facts as well as rationale given by the Hon’ble High Court are squarely applicable to the case before us. Hence, keeping in view the overall facts and circumstances of the case that the profits earned by the assessee are a part of major scheme of the accommodation entries and keeping in view the ratio of the judgments quoted above, we, he…

Smt. Sushila Devi Kajaria, Kolkata vs. ACIT, Circle - 36, Kolkata

ITA 1255/KOL/2018[2014-15]Status: DisposedITAT Kolkata03 Apr 2019AY 2014-15

Bench: Shri S.S, Godara

Section 143(3)Section 68

…necessary evidences to convincingly show that the shares were purchased and sold at the prices claimed always lies upon the assessee. Our view finds support from the decision rendered by Hon'ble Guwahati High Court in the case of CIT Vs. Smt. Jasvinder Kaur (357 ITR 638). 16. In view of the foregoing discussions, we are of the view that the decisions relied upon by the assessee cannot be taken support of by the assessee for the reasons discussed supra. Accordingly, we are of the view that the Ld CIT(A) was justified in confirming the order of the assessing officer by applying the test of human probabilities. 17.…

Navin Kumar Kajaria, Kolkata vs. ACIT, Circle - 35, Kolkata

ITA 1254/KOL/2018[2014-15]Status: DisposedITAT Kolkata03 Apr 2019AY 2014-15

Bench: Shri S.S, Godara

Section 143(3)Section 68

…necessary evidences to convincingly show that the shares were purchased and sold at the prices claimed always lies upon the assessee. Our view finds support from the decision rendered by Hon'ble Guwahati High Court in the case of CIT Vs. Smt. Jasvinder Kaur (357 ITR 638). 16. In view of the foregoing discussions, we are of the view that the decisions relied upon by the assessee cannot be taken support of by the assessee for the reasons discussed supra. Accordingly, we are of the view that the Ld CIT(A) was justified in confirming the order of the assessing officer by applying the test of human probabilities. 17.…

Pushp Steels & Mining (P) Ltd., Delhi vs. ITO, Ward- 20(2), New Delhi

In the result, the Appeal filed by the Assessee stands allowed

ITA 6094/DEL/2018[2008-09]Status: DisposedITAT Delhi07 Feb 2019AY 2008-09

Bench: Shri H.S. Sidhu & Shri L.P. Sahuassessment Year : 2008-09

For Appellant: Sh. Suresh Kumar Gupta, CAFor Respondent: Smt. Sulekha Verma, CIT(DR) &
Section 143(3)Section 147Section 153(1)Section 68

…oin vs. ACIT in ITA No. 951/Chd/2016 order dated 18.4.2018. - Dinesh Kumar Khandelwal HUF vs. ITO in ITA No. 58 & 59/Nag/2015 order dated 24.8.2016. - Usha Chandresh Shah vs. ITO in ITA No. 6858/Mum/2011 order dated 26.9.2014. - CIT vs. Smt. Jasvinder Kaur 357 ITR 638 order dated 12..6.2013. (Gauhati High Court) - ITO vs. Sohail Financials Ltd. ITA No. 4867/Del/2011, ITAT, Delhi order dated 28.9.2018. - Ramanand Agarwalla vs. CIT 151 ITR 216 order dated 23.9.2013 – Hon’ble Gauhati High Court. - CIT vs. TO Abraham Co. 333 ITR 182 order dated 6.1.2011 = Hon’ble Kerala High Court. 5. In reply, to the conten…