Kolkata 2 214 ITR 244 CIT v. Carbo Industrial

250 ITR 539High Court2001#1296 most cited

What is Kolkata 2 214 ITR 244 CIT v. Carbo Industrial authority for?

A loss from share transactions, found by the Income Tax Appellate Tribunal to be genuine based on facts and circumstances, cannot be held erroneous or perverse by higher authorities and is eligible for deduction. The genuineness of transactions cannot be doubted merely due to non-appearance of brokers if payments are made by account payee cheques.

88

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Also referred to as

CIT v. Emerald Commercial Ltd. · 250 ITR 539 · share loss genuineness · deduction of genuine loss · Tribunal findings of fact · not erroneous or perverse · share transactions · Calcutta High Court · evidentiary value · burden of proof · 2001

Judgments citing Kolkata 2 214 ITR 244 CIT v. Carbo Industrial

PRAVINA NAVIN DEDHIA,MUMBAI vs. CIT (A) NFAC, MUMBAI

In the result the appeal of the assessee is allowed

ITA 1701/MUM/2021[2012-13]Status: DisposedITAT Mumbai30 May 2023AY 2012-13
For Appellant: Shri Maulik ChoksiFor Respondent: Shri Anil Gupta
Section 147Section 68Section 69C

…be 8 A.Y. 2012-13 Pravina Navin Dedhia doubted just because the brokers fail to appear before the Revenue even after issue of summons. Similar view was upheld by the Hon’ble Calcutta High Court in the case CIT vs. Emerald Commercial Ltd. & another reported in 250 ITR 539. 8.11 In the case CIT vs. Prem Pal Gandhi, the Hon’ble Punjab & Haryana High Court held vide its recent order dated 18.01.2018 has held that:- “the fact that the appreciation in the value of the shares is high does not justify the transactions being treated as fictitious and the capital gains being assessed as undisclosed income if (a) the shares…

THE ACIT CENTRAL-1 , BHOPAL vs. SHRI NARENDRA GUPTA, GWALIOR

ITA 795/IND/2018[2014-15]Status: DisposedITAT Indore01 Dec 2022AY 2014-15

Bench: Shri T.R. Senthil Kumar & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2014-15 Acit Central-1 Shri Narendra Gupta, Bhopal Gwalior बनाम/ Vs. (Appellant / Revenue) (Respondent / Assessee) Pan: Afqpg 8055 A Revenue By Shri P.K. Mitra, Cit-Dr Respondent By Shri Ashish Goyal & Shri N.D. Patwa, Ars Date Of Hearing 08.09.2022 Date Of Pronouncement 01.12.2022

Section 131Section 132Section 143(3)

…/s Faquir Chaman lal 262 ITR 295 (P & H) has held that it is well settled proposition that the presumption however strong cannot substitute evidence. Similar were the findings of Hon’ble Calcutta High Court in the case of CIT Vs. Emerald commercial ltd & Anr 250 ITR 539 (cal). (C) Ld AO erred in adding the entire amount: Page 8 of 14 Shri Narendra Gupta Assessment year 2014-15 Another aspect on which Id AR has strongly contended that entire amount of Rs. 8,25,03,772/- represents his business turnover on which at best his commission income should have been estimated. This is settled law that only income/profi…

NISHAT ARA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 65/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…for the default of a broker and we are in full agreement with the Tribunal that on mere suspicion the claim of the assessee should not be denied.” D) The Calcutta High Court in the case of Commissioner of Income Tax Versus Emerald Commercial Ltd. and Another 250 ITR 539 the Court held: “The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt arc by account payee cheque. The identity of seller and purchaser is not in dispute. The disallowance is basically made on the ground that the assessee failed to produce the brokers for verification of the t…

ZAIN ALAM,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 64/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…for the default of a broker and we are in full agreement with the Tribunal that on mere suspicion the claim of the assessee should not be denied.” D) The Calcutta High Court in the case of Commissioner of Income Tax Versus Emerald Commercial Ltd. and Another 250 ITR 539 the Court held: “The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt arc by account payee cheque. The identity of seller and purchaser is not in dispute. The disallowance is basically made on the ground that the assessee failed to produce the brokers for verification of the t…

NAUSHEEN FARAH,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 63/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…for the default of a broker and we are in full agreement with the Tribunal that on mere suspicion the claim of the assessee should not be denied.” D) The Calcutta High Court in the case of Commissioner of Income Tax Versus Emerald Commercial Ltd. and Another 250 ITR 539 the Court held: “The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt arc by account payee cheque. The identity of seller and purchaser is not in dispute. The disallowance is basically made on the ground that the assessee failed to produce the brokers for verification of the t…

SHAHEEN RABIA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -II, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 62/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…for the default of a broker and we are in full agreement with the Tribunal that on mere suspicion the claim of the assessee should not be denied.” D) The Calcutta High Court in the case of Commissioner of Income Tax Versus Emerald Commercial Ltd. and Another 250 ITR 539 the Court held: “The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt arc by account payee cheque. The identity of seller and purchaser is not in dispute. The disallowance is basically made on the ground that the assessee failed to produce the brokers for verification of the t…

MARGHOOB ALAM,KANPUR vs. DCUT, CC-II, KANPUR, KANPUR

In the result, all the appeals of the assessees are partly allowed

ITA 61/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…for the default of a broker and we are in full agreement with the Tribunal that on mere suspicion the claim of the assessee should not be denied.” D) The Calcutta High Court in the case of Commissioner of Income Tax Versus Emerald Commercial Ltd. and Another 250 ITR 539 the Court held: “The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt arc by account payee cheque. The identity of seller and purchaser is not in dispute. The disallowance is basically made on the ground that the assessee failed to produce the brokers for verification of the t…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

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

…bject to facilitate the assessee to plough back its unaccounted income in the form of fictitious LTCG. The learned Standing Counsel has referred to the 5 214 ITR 244 Calcutta High Court 6 (2001) 250 ITR 539 7 ITA No. 456 of 2007 Bombay High Court ITAT NO. 06 OF 2022 AND ETC. BATCH Page 26 of 150 findings recorded by the Assessing Officer, CIT(A) and pointed out that the learned Tribunal without even noting the intricate factual details allowed the appeal filed by the assessee. The learned Tribunal has not rendered any finding on the modus…

Showing 1–20 of 88 · Page 1 of 5