(i) PCIT (Central), Ludhiana v. Prem Pal Gandhi

49 Taxmann.com 37High Court2014#1668 most cited

What is (i) PCIT (Central), Ludhiana v. Prem Pal Gandhi authority for?

Mere reliance on SIT reports, stock market movements, or the theory of preponderance of probability is insufficient to sustain additions for bogus long-term capital gains.

68

judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2017 to 2025.

Also referred to as

PCIT (Central) · Ludhiana v. Prem Pal Gandhi · section 10(38) · bogus long term capital gain · penny stock · genuineness of transaction · accommodation entry · long term capital gains · reassessment · section 147 · section 148 · section 133(6) · section 68

Sections most often in play

Section 68Section 143(3)Section 147Section 148Section 10(38)Section 132(4)Section 133(6)Section 153A

Issues it is cited on

price riggingbogus long term capital gainpenny stockbogus ltcgsection 10(38)accommodation entrylong term capital gainsentry operatorlong term capital gaingenuineness of the transactionunexplained cash creditsection 133(6)

Judgments citing (i) PCIT (Central), Ludhiana v. Prem Pal Gandhi

Shri Udit Agarwal, Kolkata vs. DCIT(It)-2(1), Kolkata

Appeal is allowed accordingly

ITA 1839/KOL/2017[2014-15]Status: DisposedITAT Kolkata26 Dec 2018AY 2014-15

Bench: Shri S.S.Godara & Shri, M. Balaganeshassessment Year :2014-15 Shri Udit Agarwal V/S. Dcit (It)-2(1), 110, 3, Madan Mohan Burman Shanti Pally, Kolkata- Street, Kolkataa-007 107 [Pan No.Ahupa 0424 B] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal, Advocate अपीलाथ" क" ओर से/By Appellant Shri Robin Choudhury, Addl. Cit-Dr ""यथ" क" ओर से/By Respondent 03-12-2018 सुनवाई क" तार"ख/Date Of Hearing 26-12-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income Tax (Appeals)-22,Kolkata’S Order Dated 10.05.2017 Passed In Case No.71/Cit(A)/22/Kol/14-15/16-17 Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Learned Representatives. Case File Perused. 2. The Assessee’S Sole Substantive Ground Challenges Correctness Of Both The Lower Authorities’ Action Treating Its Long Term Capital Gains (Ltcg) Of ₹64,99,391/- To Be Unexplained Cash Credits U/S 68 Of The Act. The Cit(A)’S Detailed Discussion To This Effect Reads As Under:- ”06. Decision: 1. I Have Carefully Considered The Action Of The Ld. Ao In Treating The Amount Of Rs.67,24,391/- Being Claimed By The Appellant To Be Proceeds Of Shares Sold To Be Ltcg & Claimed As Exempt. The Findings Of The Ld. Ao Are Based On The Information Being Supplied By The Investigation Wing Of The Department At Kolkata. I Have Also Carefully Examined The Submissions Of The Appellant, Wherein

Section 143(3)Section 68

…ad HC) (xii) CIT vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) (xviii) Manish Kumar Baid ITA 1236/Kol/2017 (Kolkata ITAT) ITA No.1839/Kol/2017 A.Y 2014-15 Sh. Udit Agarwal Vs. DCIT(IT)-2(1), Kol. Page 21 (xix) Ma…

DCIT, Central Circle-5(1), Kolkata vs. M/S Prb Securities Pvt.Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 211/KOL/2017[2013-14]Status: DisposedITAT Kolkata05 Dec 2018AY 2013-14

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 211/Kol/2017 Assessment Year : 2013-14 Dcit, Circle-5(1), Kolkata -Vs- M/S Prb Securities Pvt. Ltd. [Pan: Aabcp 5425 G ] (Appellant) (Respondent)

For Appellant: Shri Saurabh Kumar, Addl. CIT Sr. DRFor Respondent: Shri Manish Tiwari, AR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Shri A T Varkey, JM, & Shri M.Balaganesh, AM] I.T.A No. 211/Kol/2017 Assessment Year : 2013-14 DCIT, Circle-5(1), Kolkata -vs- M/s PRB Securities Pvt. Ltd. [PAN: AABCP 5425 G ] (Appellant) (Respondent) For the Appellant : Shri Saurabh Kumar, Addl. CIT Sr. DR For the Respondent : Shri Manish Tiwari, AR Date of Hearing : 22.11.2018 Date of Pronouncement : 05.12.2018 ORDER Per M.Balaganesh, AM 1. This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-2, Kolkata [in short the ld CIT(A)]…

Aditya Vikram Sureka, HUF, Kolkata vs. ITO, Ward - 34(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1650/KOL/2018[2014-15]Status: DisposedITAT Kolkata28 Nov 2018AY 2014-15

Bench: Hon’Ble Shri S.S.Godara, Jm & Hon’Ble Shri M.Balaganesh, Am] I.T.A No. 1650/Kol/2018 Assessment Year : 2014-15 Aditya Vikram Sureka Huf -Vs- Ito, Ward-34(2) , Kolkata [Pan: Aamha 4069 D] (Appellant) (Respondent)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Saurabh Kumar, Addl. CIT Sr. DR
Section 10(38)Section 143(3)Section 68

…ad HC) (xii) CIT vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) (xviii) Manish Kumar Baid ITA 1236/Kol/2017 (Kolkata ITAT) (xix) Mahendra Kumar Baid ITA 1237/Kol/2017 (Kolkata ITAT) 10. The ld AR further submitted…

Smt. Madhu Killa, Kolkata vs. ACIT, Circle - 36, Kolkata

In the result, appeal of assessee is allowed

ITA 834/KOL/2018[2014-15]Status: DisposedITAT Kolkata02 Nov 2018AY 2014-15

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am]

Section 10(38)

…ad HC) (xii) CIT vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) (xviii) Manish Kumar Baid ITA 1236/Kol/2017 (Kolkata ITAT) (xix) Mahendra Kumar Baid ITA 1237/Kol/2017 (Kolkata ITAT) 10. The ld AR further submitted…

Rukmini Devi Manpuria, Kolkata vs. DCIT(It), Circle - 2(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1724/KOL/2017[2014-15]Status: DisposedITAT Kolkata24 Oct 2018AY 2014-15

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 1724/Kol/2017 Assessment Year : 2014-15 Rukmini Devi Manpuria -Vs- Dcit(It), Circle-2(1), Kolkata [Pan: Axapm 3836 H ] (Appellant) (Respondent)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Robin Chowdhury, Addl. CIT Sr. DR
Section 10(38)Section 11(1)Section 143(3)Section 68

…ad HC) (xii) CIT vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) 5.13. The ld AR further submitted before us that once the assessee has furnished all evidences in support of the genuineness of the transactions, the…

Kiran Kothari HUF, Kolkata vs. ITO, Ward 35(3), Kolkata

In the result the appeal of the assessee is allowed

ITA 443/KOL/2017[2013-14]Status: DisposedITAT Kolkata15 Nov 2017AY 2013-14

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 10(38)Section 133ASection 68

…ad HC) (xii) CIT vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) (xviii) Manish Kumar Baid ITA 1236/Kol/2017 (Kolkata ITAT) (xix) Mahendra Kumar Baid ITA 1237/Kol/2017 (Kolkata ITAT) (l) The ld AR further submitted…

Mahendra Kumar Baid, Kolkata vs. ACIT Circle 35, Kolkata

In the result, the appeal of the assessee in ITA No

ITA 1237/KOL/2017[2014-15]Status: DisposedITAT Kolkata18 Aug 2017AY 2014-15

Bench: Hon’Ble Shri A.T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1236/Kol/2017 Assessment Year : 2014-15 Manish Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Ahmpb 3024 E] (Appellant) (Respondent) I.T.A No. 1237/Kol/2017 Assessment Year : 2014-15 Mahendra Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Aejpb 7691 C] (Appellant) (Respondent)

For Appellant: Shri A.K. Tibrewal, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 10(38)Section 143(3)Section 14ASection 234ASection 68Section 69C

…vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) 16 A.Yr.2014-15 (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) 5.13. The ld AR further submitted before us that once the assessee has furnished all evidences in support of the genuineness of the transactions, the…

Manish Kumar Baid, Kolkata vs. ACIT Circle 35, Kolkata

In the result, the appeal of the assessee in ITA No

ITA 1236/KOL/2017[2014-15]Status: DisposedITAT Kolkata18 Aug 2017AY 2014-15

Bench: Hon’Ble Shri A.T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1236/Kol/2017 Assessment Year : 2014-15 Manish Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Ahmpb 3024 E] (Appellant) (Respondent) I.T.A No. 1237/Kol/2017 Assessment Year : 2014-15 Mahendra Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Aejpb 7691 C] (Appellant) (Respondent)

For Appellant: Shri A.K. Tibrewal, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 10(38)Section 143(3)Section 14ASection 234ASection 68Section 69C

…vs. Jamnadevi Agarwal [2012] 20 taxmann.com 529 (Bombay HC) (xiii) CIT vs. Himani M. Vakil – [2014] 41 taxmann.com 425 (Gujarat HC) 16 A.Yr.2014-15 (xiv) CIT vs. Maheshchandra G. Vakil – [2013] 40 taxmann.com 326 (Gujarat HC) (xv) CIT vs. Sumitra Devi [2014] 49 Taxmann.com 37 (Rajasthan HC) (xvi) Ganeshmull Bijay Singh Baid HUF vs. DCIT – ITA Nos. 544/Kol/2013 (Kolkata ITAT) (xvii) Meena Devi Gupta & Others vs. ACIT – ITA Nos. 4512 & 4513/Ahd/2007 (Ahmedabad ITAT) 5.13. The ld AR further submitted before us that once the assessee has furnished all evidences in support of the genuineness of the transactions, the…