CIT v. Smt. Sumitra Devi

102 DTR 342High Court2014#2200 most cited

What is CIT v. Smt. Sumitra Devi authority for?

To disallow long-term capital gains, the Assessing Officer must rely on cogent proof, not mere suspicion or presumption, regarding share price manipulation or the nature of the companies involved.

53

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2025.

Also referred to as

CIT v. Smt. Sumitra Devi · 229 Taxmann 67 · 268 CTR 351 · Section 10(38) · bogus long term capital gain · disallowance of LTCG · cogent proof · presumption vs. evidence · share price manipulation · penny stock transactions · Section 68 · accommodation entry

Also reported as

229 Taxmann 67268 CTR 351

Sections most often in play

Section 10(38)Section 143(3)Section 68Section 271(1)Section 142(1)Section 143(1)Section 143(2)Section 147

Issues it is cited on

section 102bogus ltcgcircular tradingbogus long term capital gainsection 10(38)price riggingpenny stockentry operatorlong term capital gainsaccommodation entrylong term capital gainunexplained expenditure

Judgments citing CIT v. Smt. Sumitra Devi

Shri Suresh Khandelwal, Indore vs. The ITO-4(1), Indore

In the result, all the captioned appeals filed by different

ITA 29/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE HON’BLE MANISH BORAD, ACCOUNTANT MEMBER AND BEFORE HON’BLE MADHUMITA ROY, JUDICIAL MEMBER Assessment Year 2014-15 Radheyshyam Khandelwal : Appellant 659, Sneh Nagar, Near ILVA College, Indore PAN ATVPK8556H V/s ACIT-4(1), Indore : Respondent Assessment Year 2014-15 Mohanlal Khandelwal : Appellant 659, Sneh Nagar, Near ILVA College, Indore PAN ACBPK8243N V/s ITO-4(1), Indore : Respondent Assessment Year 2014-15 Suresh Khandelwal : Appellant 659, Sneh Nagar, Radheyshyam Khandelwal & Ors ITA No.7,8,29,30,& 113/Ind…

Smt. Sandhya Khandelwal, Indore vs. ITO 4(3), Indore

In the result, all the captioned appeals filed by different

ITA 113/IND/2019[2014-15]Status: DisposedITAT Indore25 Jun 2021AY 2014-15

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Section 10(38)Section 143(3)Section 68

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE HON’BLE MANISH BORAD, ACCOUNTANT MEMBER AND BEFORE HON’BLE MADHUMITA ROY, JUDICIAL MEMBER Assessment Year 2014-15 Radheyshyam Khandelwal : Appellant 659, Sneh Nagar, Near ILVA College, Indore PAN ATVPK8556H V/s ACIT-4(1), Indore : Respondent Assessment Year 2014-15 Mohanlal Khandelwal : Appellant 659, Sneh Nagar, Near ILVA College, Indore PAN ACBPK8243N V/s ITO-4(1), Indore : Respondent Assessment Year 2014-15 Suresh Khandelwal : Appellant 659, Sneh Nagar, Radheyshyam Khandelwal & Ors ITA No.7,8,29,30,& 113/Ind…

M.Kiran Kumar, Chennai vs. ACIT Central Circle-1(4), Chennai

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

ITA 3374/CHNY/2019[2015-16]Status: DisposedITAT Chennai01 Mar 2021AY 2015-16

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri G.Baskar, Advocate
Section 10(38)Section 133ASection 2(22)(e)

…आयकर अपीलीय अिधकरण, ‘सी’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI "ी वी दुगा" राव,"या"यक सद"य एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA N.: 3374/CHNY/2019 िनधा"रण वष" / Assessment Year: 2015-16 Shri M. Kiran Kumar, The ACIT, 123, Usman Road, T. Nagar, v. Corporate Circle 1(4), Chennai – 600 017. Chennai. PAN: ACHPM2247E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri G.Baskar, Advocate : Shri T.R. Senthil Kumar, ""यथ" क" ओर से/Respondent by Sr Standing Cou…

Seema Tayal, Delhi vs. ITO, Ward-3(2), New Delhi

In the result, the appeal of the assessee is allowed

ITA 1132/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT (DR)
Section 10Section 115BSection 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2014-15 Seema Tayal ITO, Ward-3(2) B-184, B-Block, New Delhi. Surajmal Vihar, Delhi – 110 092 Vs. PAN AAFPT5907N (Appellant) (Respondent) Assessee by: Shri Salil Agarwal, Adv. Shri Shailesh Gupta, Adv. Department by : Shri S.S. Rana, CIT (DR) Date of Hearing 28/05/2019 Date of 28/06/2019 pronouncement O R D E R PER AMIT SHUKLA, J.M The aforesaid appeal has been filed by the assessee against the impugned order dated 19.12.2017, passed Ld. Commissioner of Income…

Asha Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6483/DEL/2017[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2014-15 Swati Luthra, ITO, Ward-51(5) 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 Vs. (Appellant) (Respondent) Asstt. Year: 2014-15 Shruti Luthra ITO, Ward-51(5) New Delhi. 41, D.B. Gupta Road,Karol Bagh, Vs. New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Namrata Sehgal Luthra ITO, Ward-51(5) Vs. 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Ms. Asha Luthra,…

Namrata Sehgal Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6482/DEL/2017[2014-15]Status: PendingITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2014-15 Swati Luthra, ITO, Ward-51(5) 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 Vs. (Appellant) (Respondent) Asstt. Year: 2014-15 Shruti Luthra ITO, Ward-51(5) New Delhi. 41, D.B. Gupta Road,Karol Bagh, Vs. New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Namrata Sehgal Luthra ITO, Ward-51(5) Vs. 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Ms. Asha Luthra,…

Shruti Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6481/DEL/2017[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2014-15 Swati Luthra, ITO, Ward-51(5) 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 Vs. (Appellant) (Respondent) Asstt. Year: 2014-15 Shruti Luthra ITO, Ward-51(5) New Delhi. 41, D.B. Gupta Road,Karol Bagh, Vs. New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Namrata Sehgal Luthra ITO, Ward-51(5) Vs. 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Ms. Asha Luthra,…

Swati Luthra, New Delhi vs. ITO, Ward- 51(5), New Delhi

In the result, the appeal of all the above four assessees, namely, Smt

ITA 6480/DEL/2017[2014-15]Status: DisposedITAT Delhi28 Jun 2019AY 2014-15

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2014-15

For Appellant: Shri Salil Agarwal, AdvFor Respondent: Shri S.S. Rana, CIT(DR) and Shri F.R. Meena, Sr. DR
Section 10Section 10(38)Section 115BSection 143(3)Section 68

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2014-15 Swati Luthra, ITO, Ward-51(5) 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 Vs. (Appellant) (Respondent) Asstt. Year: 2014-15 Shruti Luthra ITO, Ward-51(5) New Delhi. 41, D.B. Gupta Road,Karol Bagh, Vs. New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Namrata Sehgal Luthra ITO, Ward-51(5) Vs. 41, D.B. Gupta Road, New Delhi. Karol Bagh, New Delhi – 110 005 (Appellant) (Respondent) Asstt. Year 2014-15 Ms. Asha Luthra,…

Uma Singal, New Delhi vs. ACIT, Centrl Circle-3, New Delhi

ITA 1484/DEL/2018[2014-15]Status: DisposedITAT Delhi07 Dec 2018AY 2014-15

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri S S Rana CIT DR
Section 10(38)Section 143Section 153ASection 250Section 68

…ded by the Tribunal that the cash credits in the buyers‟ bank accounts cannot be attributed to the assessees—Therefore, the decision of the Tribunal is based on findings of fact and no substantial question of law arises. (iii) CIT Vs. Smt. Sumitra Devi (2014) 268 CTR 351 (Raj): The facts of the said case and the judgment rendered by the Hon‘ble Rajasthan High Court may be summarized as under: Cash Credit—Share transaction—Assessee had shown LTCG from the sale of shares and same was claimed as exempt u/s 10(38)—AO observed that companies, whose shares were allegedly dealt with, were not very well known and it was…

Ritu Singal, New Delhi vs. ACIT, Central Circle- 3, New Delhi

ITA 1481/DEL/2018[2015-16]Status: DisposedITAT Delhi07 Dec 2018AY 2015-16

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri S. K. Tulsiyan, AdvFor Respondent: Shri S S Rana CIT DR
Section 10(38)Section 143Section 153ASection 250Section 68

…ded by the Tribunal that the cash credits in the buyers‟ bank accounts cannot be attributed to the assessees—Therefore, the decision of the Tribunal is based on findings of fact and no substantial question of law arises. (iii) CIT Vs. Smt. Sumitra Devi (2014) 268 CTR 351 (Raj): The facts of the said case and the judgment rendered by the Hon‘ble Rajasthan High Court may be summarized as under: Cash Credit—Share transaction—Assessee had shown LTCG from the sale of shares and same was claimed as exempt u/s 10(38)—AO observed that companies, whose shares were allegedly dealt with, were not very well known and it was…

Smt.Alka Kejriwal, Bangalore vs. Income Tax Officer Ward-7(2)(2), Bangalore

In the result, the assessee’s appeal for assessment year 2014-15 is allowed for statistical purposes

ITA 380/BANG/2018[2014-15]Status: DisposedITAT Bangalore05 Dec 2018AY 2014-15

Bench: Shri Jason P Boazassessment Year : 2014-15 Smt. Alka Kejriwal, Vs. The Income Tax, 8/52, Gfchambers, Ward - 7(2)(2), Richmond Road, Bangalore. Bangalore – 560 025. Pan : Adppk 9563 N Appellant Respondent Assessee By : Shri. Balram R. Rao, Advocate Revenue By : Smt. Kabila H, Jcit Date Of Hearing : 26.11.2018 Date Of Pronouncement : 5.12.2018 O R D E R

For Appellant: Shri. Balram R. Rao, AdvocateFor Respondent: Smt. Kabila H, JCIT
Section 10(38)Section 143(3)Section 234ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH (SMC): BANGALORE BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER Assessment year : 2014-15 Smt. Alka Kejriwal, Vs. The Income Tax, 8/52, GF, President Chambers, Ward - 7(2)(2), Richmond Road, Bangalore. Bangalore – 560 025. PAN : ADPPK 9563 N APPELLANT RESPONDENT Assessee by : Shri. Balram R. Rao, Advocate Revenue by : Smt. Kabila H, JCIT Date of hearing : 26.11.2018 Date of Pronouncement : 5.12.2018 O R D E R Per Jason P Boaz, Accountant Member This appeal by the assessee is directed against the order of the CIT(A)-7, Bangalore dated 02.01.2018 for Assessment Year 201…

Smt.Sangeeta Kejriwal, Bangalore vs. Assistant Commissioner of Income Tax Circle-7(2)(1), Bangalore

In the result, the assessee’s appeal for assessment year 2014-15 is allowed for statistical purposes

ITA 379/BANG/2018[2014-15]Status: DisposedITAT Bangalore05 Dec 2018AY 2014-15

Bench: Shri Jason P Boazassessment Year : 2014-15 Smt. Sangeeta Kejriwal, Vs. Assistant Commissioner Of 8/52, Gfchambers, Income Tax, Richmond Road, Circle - 7(2)(1), Bangalore – 560 025. Bangalore. Pan : Acxpk 9136 E Appellant Respondent Assessee By : Shri. Balram R. Rao, Advocate Revenue By : Smt. Kabila H, Jcit Date Of Hearing : 26.11.2018 Date Of Pronouncement : 5.12.2018 O R D E R

For Appellant: Shri. Balram R. Rao, AdvocateFor Respondent: Smt. Kabila H, JCIT
Section 10(38)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH (SMC): BANGALORE BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER Assessment year : 2014-15 Smt. Sangeeta Kejriwal, Vs. Assistant Commissioner of 8/52, GF, President Chambers, Income Tax, Richmond Road, Circle - 7(2)(1), Bangalore – 560 025. Bangalore. PAN : ACXPK 9136 E APPELLANT RESPONDENT Assessee by : Shri. Balram R. Rao, Advocate Revenue by : Smt. Kabila H, JCIT Date of hearing : 26.11.2018 Date of Pronouncement : 5.12.2018 O R D E R Per Jason P Boaz, Accountant Member This appeal by the assessee is directed against the order of the CIT(A)-7, Bangalore, dated 03.01…

Smt.Chandra Kala Kejriwal, Bangalore vs. Income Tax Officer Ward-7(2)(2), Bangalore

In the result, the assessee’s appeal for assessment year 2014-15 is allowed for statistical purposes

ITA 378/BANG/2018[2014-15]Status: DisposedITAT Bangalore05 Dec 2018AY 2014-15

Bench: Shri Jason P Boazassessment Year : 2014-15 Smt. Chandra Kala Kejriwal, Vs. The Income-Tax Officer, 8/52, Gfchambers, Ward - 7(2)(2), Richmond Road, Bangalore. Bangalore – 560 025. Pan : Adppk 9562 P Appellant Respondent Assessee By : Shri. Balram R. Rao, Advocate Revenue By : Smt. Kabila H, Jcit Date Of Hearing : 26.11.2018 Date Of Pronouncement : 5.12.2018 O R D E R

For Appellant: Shri. Balram R. Rao, AdvocateFor Respondent: Smt. Kabila H, JCIT
Section 10(38)Section 143(3)Section 234ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH (SMC): BANGALORE BEFORE SHRI JASON P BOAZ, ACCOUNTANT MEMBER Assessment year : 2014-15 Smt. Chandra Kala Kejriwal, Vs. The Income-tax Officer, 8/52, GF, President Chambers, Ward - 7(2)(2), Richmond Road, Bangalore. Bangalore – 560 025. PAN : ADPPK 9562 P APPELLANT RESPONDENT Assessee by : Shri. Balram R. Rao, Advocate Revenue by : Smt. Kabila H, JCIT Date of hearing : 26.11.2018 Date of Pronouncement : 5.12.2018 O R D E R Per Jason P Boaz, Accountant Member This appeal by the assessee is directed against the order of the CIT(A)-7, Bangalore dated 03.01.2018 for Ass…