PCIT v. Renu Agarwal

153 Taxmann.com 579Supreme Court of India2023#3990 most cited

What is PCIT v. Renu Agarwal authority for?

The Supreme Court dismissed a Special Leave Petition upholding the High Court's decision that additions made by the Assessing Officer on account of bogus Long Term Capital Gains (LTCG) were not justified, particularly when the scrip was actively traded and the Assessing Officer lacked sufficient adverse material.

29

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2024 to 2026.

Also referred to as

PCIT v. Renu Agarwal · section 10(38) · section 68 · section 69A · bogus LTCG · penny stock · share dealings · unexplained money · price rigging · lack of adverse comments

Sections most often in play

Section 68Section 10(38)Section 147Section 148Section 143(3)Section 151Section 132Section 69C

Issues it is cited on

price riggingbogus ltcgsection 142(3)bogus long term capital gainfresh tangible materialpenny stockmaterial facts necessary for assessmentsection 10(38)full and true disclosuresection 111acircular tradingsection 111

Judgments citing PCIT v. Renu Agarwal

Jaibhagwan Banarasidas Jindal, Jalna vs. The Income Tax Officer, Ward-1, Jalna

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

ITA 2016/PUN/2024[2016-17]Status: DisposedITAT Pune27 Feb 2025AY 2016-17

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17

For Appellant: Shri Jaiprakash BairagraFor Respondent: Shri Ramnath P Murkunde
Section 10(38)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 151

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Assessment year : 2016-17 Jaibhagwan Banarasidas Jindal ITO, Ward-1, Jalna 29, New Mondha, Bus Stand, Jalna HO, Vs. Jalna – 431203 PAN: AAQPJ5374E (Appellant) (Respondent) Assessee by : Shri Jaiprakash Bairagra Department by : Shri Ramnath P Murkunde Date of hearing : 06-01-2025 Date of pronouncement : 27-02-2025 O R D E R PER R. K. PANDA, VP : This appeal filed by the assessee is directed against the order dated 02.08.2024 of the Ld. CIT(A) / NFAC, Delhi relating to assess…

Meena Hasmukh Savla, Matunga Mumbai vs. Assessment Unit, National Faceless Assessment Centre

In the result the appeal filed by the assessee is

ITA 2910/MUM/2024[2016-17]Status: DisposedITAT Mumbai18 Feb 2025AY 2016-17

Bench: Hon’Ble Shri Sandeep Gosain

Section 10Section 10(38)Section 143Section 143(1)Section 143(2)Section 147Section 148Section 151Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL "SMC" BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER ITA No. 2910/Mum/2024 (Assessment Year: 2016-17) Meena Hasmukh Savla 702, Pranav Residency, 302 Bhimani Street, Matunga, Mumbai. Vs. ITO – 27(2)(1) Vashi Railway Stn Bldg, Vashi. PAN/GIR No. AADPS1482K (Applicant) (Respondent) Assessee by Shri Satyaprakash Singh Revenue by Shri Sunny Kachhwaha, Sr. DR Date of Hearing 23.01.2025 Date of Pronouncement 18.02.2025 आदेश / ORDER PER SANDEEP GOSAIN, JM: The present appeal has been filed by the assessee challenging the impugned order 13.05.2024 passed u/s 2…

Preeti Chirania, Mumbai vs. The Income Tax Officer Ward - 28(2)(4), Navi Mumbai

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

ITA 4245/MUM/2024[2012-13]Status: DisposedITAT Mumbai10 Dec 2024AY 2012-13

Bench: Shri Sandeep Gosain & Ms. Padmavathy Svs. Ito, Ward – 28(2)(4) Preeti Chirania 309, 3Rd Floor, Tower No. Flat No.3, 1St Floor, 6, Vashi Rly Stn., Mangesh Santa Durga Commercial Complex, Chs, Sector – 17, Nerul Vashi Navi Mumbai – 400 (E), Navi Mumbai – 400 703. 706. Pan/Gir No. Akbpc0636M (Applicant) (Respondent)

Section 148Section 234BSection 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & MS. PADMAVATHY S, ACCOUNTANT MEMBER Vs. ITO, Ward – 28(2)(4) Preeti Chirania 309, 3rd Floor, Tower No. Flat No.3, 1st Floor, 6, Vashi Rly Stn., Mangesh Santa Durga Commercial Complex, Chs, Sector – 17, Nerul Vashi Navi Mumbai – 400 (E), Navi Mumbai – 400 703. 706. PAN/GIR No. AKBPC0636M (Applicant) (Respondent) Assessee by Ms. Ritu Kamal Kishore Revenue by Shri Ramakrishna Bandi, CIT(DR) सुनवाई क" तारीख/Date of Hearing 06.11.2024 घोषणा क" तारीख/Date of Pronouncement 10.12.2024 आदेश / ORDER PER SANDEEP GOSAIN, JM:…

Assistant Commissioner of Income Tax, Delhi vs. Vireet Investments Private Limited, Delhi

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

ITA 938/DEL/2024[2004-05]Status: DisposedITAT Delhi06 Nov 2024AY 2004-05

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumaracit, Circle 17 (1) Vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (Pan : Aaacv2033M) (Appellant) (Respondent) Assessee By : Shri Manish Jain, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing : 04.09.2024 Date Of Order : 06.11.2024 Order Per S.Rifaur Rahman,Am: 1. The Appeal Has Been Filed By The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (Nfac) [“Ld. Cit(A)”, For Short] Dated 28.12.2023 For The Assessment Year 2004-05. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income For Assessment Year 2004-05 On 31.10.2004 Declaring Income Of Rs.34,80,69,911/-. The Same Was Processed Under Section 143 (1) Of The 2 Income-Tax Act, 1961 (For Short ‘The Act’) On 28.12.2004. The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued & Served On The Assessee. In Response, Ld. Ar For The Assessee Attended From Time To Time & Submitted Relevant Information As Called For. 3. The Assessee Was Incorporated On 03.10.1983 With The Main Objects, As Per Memorandum Of Association, To Acquire & Hold Shares, Stocks, Debentures, Debenture Stocks, Bonds, Obligations & Securities Issued Or Guaranteed By Any Company Constituted Or Carried On Business In The Republic Of India. After Considering The Submissions Of The Assessee, The Assessing Officer Proceeded To Make The Following Additions In The Assessment Completed U/S 143 (3) Of The Act :-

For Appellant: Shri Manish Jain, CAFor Respondent: Ms. Sapna Bhatia, CIT DR
Section 143Section 143(2)Section 14ASection 48Section 80G

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘H’: NEW DELHI BEFORE SHRI S.RIFAUR RAHMAN, ACCOUNTANT MEMBER and SHRI SUDHIR KUMAR, JUDICIAL MEMBER ACIT, CIRCLE 17 (1) vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (PAN : AAACV2033M) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Manish Jain, CA REVENUE BY : Ms. Sapna Bhatia, CIT DR Date of Hearing : 04.09.2024 Date of Order : 06.11.2024 ORDER PER S.RIFAUR RAHMAN,AM: 1. The appeal has been filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (NFA…

Assistant Commissioner of Income Tax 4(1)(1), Mumbai vs. Ankur Agrawal, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2308/MUM/2024[2011-12]Status: DisposedITAT Mumbai25 Oct 2024AY 2011-12

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhailassessment Year: 2011-12 Acit 4(1)(1), Mumbai Ankur Agrawal 2401, 2402, Anmol Pride, Opp. Vs. Patel Auto Petrol Pump, Off Sv Road Goregaon West, Mumbai- 400062. Pan: Akopa 7201 P (Appellant) (Respondent)

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Shri Ajay Chandra, CIT, DR
Section 143(1)Section 143(3)Section 147Section 148Section 250Section 271(1)(c)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “A”, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Assessment Year: 2011-12 ACIT 4(1)(1), Mumbai Ankur Agrawal 2401, 2402, Anmol Pride, Opp. Vs. Patel Auto Petrol Pump, Off SV Road Goregaon West, Mumbai- 400062. PAN: AKOPA 7201 P (Appellant) (Respondent) Assessee by : Shri Neelkanth Khandelwal Revenue by : Shri Ajay Chandra, CIT, DR Date of Hearing : 11.09.2024 Date of Pronouncement : 25.10.2024 O R D E R PER AMARJIT SINGH, ACCOUNTANT MEMBER: This appeal of the revenue for the assessment year 2011-12 is dir…

Sadhu Ram Balani, Indore vs. ITO-5(1), Indore

ITA 470/IND/2023[2014-15]Status: HeardITAT Indore24 Sept 2024AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanisadhu Ram Balani Ito-5(1) Flat No.B-503, Moti Mahal Indore Apartment 28-A, Sector-C Vs. Scheme No.71, Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Abspb5367L Assessee By Shri S.N. Agrawal, Ar Shri Ashish Porwal, Sr. Dr Revenue By Date Of Hearing 04.09.2024 Date Of Pronouncement 24.09.2024

Section 10(38)Section 132Section 133A

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER Sadhu Ram Balani ITO-5(1) Flat No.B-503, Moti Mahal Indore Apartment 28-A, Sector-C Vs. Scheme No.71, Indore (Appellant / Assessee) (Respondent/ Revenue) PAN: ABSPB5367L Assessee by Shri S.N. Agrawal, AR Shri Ashish Porwal, Sr. DR Revenue by Date of Hearing 04.09.2024 Date of Pronouncement 24.09.2024 O R D E R Per Vijay Pal Rao, JM : This appeal by assessee is directed against the order dated 16.10.2020 of the Commissioner of Inco…

Ovez Arifbhai Lakhani, Bhavnagar vs. The Pr. CIT, Ahmedabad-1, Ahmedabad

In the result, the appeal of the assessee is dismissed

ITA 590/AHD/2024[2014-15]Status: DisposedITAT Ahmedabad30 Aug 2024AY 2014-15

Bench: Income Tax Appellate Tribunal, Ahmedabad Benches, Has Arisen From The Revisionary Order Dated 12.03.2024 Passed By Ld. Principal

For Appellant: Shri Bharat R. Popat, A.RFor Respondent: Shri Kamlesh Makwana, CIT-D.R
Section 144BSection 147Section 148Section 263

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Ramit Kochar, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member Assessment Year 2014-15 Mr. Ovez Arifbhai The Principal Lakhani, Hero Show Commissioner of Room, Near Crescent v. Income Tax, Circle, Sir Pattani Road, Ahmedabad-1, Bhavnagar-364002 Aayakar Gujarat Bhawan(Vejalpur), PAN: AEBPL1286N Ahmedabad-380015 (Appellant) (Gujarat) (Respondent) Assessee by: Shri Bharat R. Popat, A.R. Revenue by: Shri Kamlesh Makwana, CIT-D.R. Date of hearing : 08-08-2024 Date of pronouncement : 30-08-2024 आदेश/ORDER PER : RAMIT KOCHAR,…

Deputy Commissioner of Income Tax, Central Circle-15, New Delhi vs. Deepti Agrawal, New Delhi

In the result, both the appeals of the assessee are allowed

ITA 224/DEL/2024[2016-17]Status: DisposedITAT Delhi29 Aug 2024AY 2016-17

Bench: Sh. Saktijit Dey & Sh. M. Balaganeshdcit Vs. Deepti Agrawal Central Circle – 15 1-A, Maharaja Lal Lane, New Delhi Civil Lines, New Delhi-110 054 Pan No. Aampa 0573 C (Appellant) (Respondent) & Co No. 48/Del/2024 (In Ita No.224/Del/2024) (Assessment Year : 2016-17) Deepti Agrawal Vs. Dcit 1-A, Maharaja Lal Lane, Central Circle – 15 Civil Lines, New Delhi New Delhi-110 054 Pan No. Aampa 0573 C (Appellant) (Respondent)

Section 10(38)Section 147Section 69C

…y the Assessing Officer had rightly been deleted. The learned CIT(A) also observed that Special Leave Petition (SLP) preferred by the Revenue against this decision of Hon’ble Allahabad High Court was dismissed by the Hon’ble Supreme Court which is reported in 153 Taxmann.com 579. The learned CIT(A) also observed that even on the date of passing of the CIT(A) order, the concerned scrip i.e. M/s. Capital Trade Links Ltd was active and being traded online in the share market and it also declared dividend during the financial years 2017-18 ITA No. 224 /Del/2024 CO No.48/Del/2024 Deepti Agarwal 5 and 2018-19. With al…

Shri Nilesh Haresh Parwani, Mumbai vs. The Assistant Commissioner of Income Tax-22(2), Mumbai

In the result, the appeal of the assessee is dismissed

ITA 2244/MUM/2023[2014-2015]Status: DisposedITAT Mumbai15 May 2024AY 2014-2015

Bench: Shri Vikas Awasthy & Shri Amarjit Singhshri Nilesh Haresh Vs. The Assistant Parwani, 501, Chumchum Commissioner Of Income Saraswati Road, Tax-22 (2) Santacruz West, Room No. 315, Piramal Mumbai – 400 064 Chamber, Lalbaug, Mumbai – 400 012 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Angpp1224L Appellant .. Respondent Appellant By : Sanjay Parikh Respondent By : Anil Sant Date Of Hearing 08.03.2024 Date Of Pronouncement 15.05.2024 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assessee Is Directed Against The Order Passed By The Ld. Cit(A) Nfac For A.Y. 2014-15. The Assessee Has Raised The Following Grounds Before Us: “A. Addition/Disallowance Of Short Term Capital Loss Rs.1,62,91,466/- 1. The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Cit(A)] Erred On Facts & In Law In Confirming The Addition/Disallowance Of Short Term Capital Loss Of Rs. 1,62,91,466/- As Made By The Assistant Commissioner Of Income Tax, 22(2), Mumbai (Ao). 2. While Confirming The Addition/Disallowance Of The Said Loss, The Learned Cit(A) Erred In Holding That The Appellant Had Not Made Out A Case As To How Such Huge Ltcg/Stcl Has Accrued To The Appellant From Shares Of The Company Named Global Infratech Ltd.

For Appellant: Sanjay ParikhFor Respondent: Anil Sant
Section 143(2)Section 69C

…P a g e | 1 Shri Nilesh Haresh Parwani Vs. The ACIT-22(2) IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Shri Nilesh Haresh Vs. The Assistant Parwani, 501, Chumchum Commissioner of Income Saraswati Road, Tax-22 (2) Santacruz West, Room No. 315, Piramal Mumbai – 400 064 Chamber, Lalbaug, Mumbai – 400 012 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No:ANGPP1224L Appellant .. Respondent Appellant by : Sanjay Parikh Respondent by : Anil Sant Date of Hearing 08.03.2024 Date of Pronouncement 15.05.2024 आदेश / O R D E R Per Amarjit S…