PCIT v. Swati Bajaj

139 Taxmann.com 352High Court2022#160 most cited

What is PCIT v. Swati Bajaj authority for?

Tax authorities are entitled to examine surrounding circumstances and apply the test of human probabilities to determine the genuineness of long-term capital gains arising from the sale of manipulated penny stock, even if prima facie documents appear to support the transaction.

443

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2022 to 2026.

Also referred to as

PCIT v. Swati Bajaj · Swati Bajaj · section 10(38) · long term capital gain · LTCG on penny stock · bogus capital gain · manipulated shares · surrounding circumstances · human probabilities test · genuineness of transaction · onus of proof

Also reported as

446 ITR 56288 Taxmann 403

Sections most often in play

Section 68Section 147Section 143(3)Section 148Section 10(38)Section 69CSection 142(1)Section 143(2)
Read the full judgment

Issues it is cited on

price riggingsection 142(3)bogus ltcgbogus long term capital gainpenny stocksection 142(2)onus of proofpreponderance of probabilitysection 10(38)paper companyentry operatorcircular trading

Judgments citing PCIT v. Swati Bajaj

Mohan Gurnani, Navi Mumbai vs. DCIT Central Cirle - 5(2), Mumbai

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

ITA 2089/MUM/2021[2010-11]Status: DisposedITAT Mumbai17 Nov 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Pradip Kapasi CAFor Respondent: Shri Mahesh Akhade CIT DR
Section 10Section 132Section 139Section 143Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 710/Mum/2021 (Assessment Year 2011-12) ITA No. 712/Mum/2021 (Assessment Year 2013-14) ITA No. 713/Mum/2021 (Assessment Year 2015-16) Shri Mohan Gurnani Vs. The Deputy Commissioner of 2101, Moraj Casa Grande, Plot Income tax No. 57, Sector 17, Koperkhairne, CC-5(2) Maharashtra-400709 1908, 19th Floor, Air India Building, Nariman Point, Mumbai-400021 (Appellant) (Respondent) PAN No. AACPG8827D Assessee by : Shri Pradip Kapasi CA Revenue by : Shri Mahesh Akhade CIT DR Date of hearing:…

Shri Khandelwal Diamonds Private Limited, Jaipur vs. ACIT, Circle 1, Jaipur

In the result, appeal of the assessee is partly allowed

ITA 375/JPR/2023[2012-13]Status: DisposedITAT Jaipur30 Oct 2023AY 2012-13

Bench: Him On The Reason Of Issuing Notice U/S 148 On Borrowed Satisfaction Of Another Wing Of The Department.

For Appellant: Sh. Mukesh Khandelwal (CA)For Respondent: Sh. Anup Singh (Addl. CIT) a
Section 143(3)Section 148

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBksM deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 375/JP/2023 fu/kZkj.k o"kZ@Assessment Years : 2012-13 cuke Shri Khandelwal Diamonds Private ACIT, Limited, Vs. Circle-01, Jaipur 205-206, C. K. House, IInd Floor, Bichun Market, Kishanpole Bazar, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAPCS 6518 P vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh…

Mukesh J\Kumar Agarwallaa, Guwahati vs. Pr. Commissioner of Income Tax, Guwahati

In the result, appeal of the assessee is allowed

ITA 47/GTY/2021[2015-16]Status: DisposedITAT Guwahati09 Oct 2023AY 2015-16

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2015-16

For Appellant: Shri S. P. Bhati, FCAFor Respondent: Shri I. Gyaneshori Devi, JCIT
Section 143(3)Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL GAUHATI BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2015-16 Mukesh Kumar Agarwalla Pr. Commissioner of Income- 4C, Vardhaman Apartment, tax, Guwahati Vs. Janki Path, Near Jain Mandir, Ganeshguri, Guwahati, Assam-781005 (Appellant) (Respondent) Present for: Appellant by : Shri S. P. Bhati, FCA Respondent by : Shri I. Gyaneshori Devi, JCIT Date of Hearing : 20.07.2023 Date of Pronouncement : 09.10.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: Appeal filed by the assessee is aga…

Income Tax Office, Ward-1, Ichalkaranjikaranji, Kolhapur vs. Splice Biotech Pvt Ltd, Kolhapur

In the result, the appeal filed by the Revenue stands allowed

ITA 775/PUN/2023[2013-14]Status: DisposedITAT Pune27 Sept 2023AY 2013-14
For Appellant: Shri Hari Krishan
Section 10(38)Section 143(3)Section 68

…ad not discharged the onus of proving the genuineness of transactions of capital gains in respect of exemption u/s 10(38)/unsecured loans. 7 In a case involving identical facts of the case, the Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj, 446 ITR 56 (Calcutta) after making reference to the decisions of Hon’ble Madras High Court in the case of CIT vs. Manish D. Jain, 120 taxmann.com 180 (Mad.) and PCIT vs. Prabha Jain, 439 ITR 304 (Mad.) had confirmed the action of the Assessing Officer by holding that the Assessing Officer had cogently brought out the factual scenario to establish machination…

DCIT, Cir. 4(1), Kolkata vs. M/S Manaksia Aluminium Co. Ltd, Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 92/KOL/2021[2014-15]Status: DisposedITAT Kolkata25 Sept 2023AY 2014-15

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

Section 143(3)

…ITA Nos.92, 281/KOL/2021(A.Y. 2014-15) Manaksia Aluminium Co. Limited IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH, KOLKATA Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member I.T.A. No. 92/KOL/2021 Assessment Year: 2014-2015 & I.T.A. No. 281/KOL/2021 Assessment Year: 2014-2015 Deputy Commissioner of Income Tax,.........Appellant Circle-4(1), Kolkata, Aayakar Bhawan, 8th floor, P-7, Chowringhee Square, Kolkata-700069 -Vs.- M/s. Manaksia Aluminium Co. Limited,.....Respondent 8/1, Lalbazar Street, Bikaner Building, Kolkata-700001 [PAN: AAGCM4560N] Appearances by: Shri Sunil Kr…

DCIT-4(1), Kolkata vs. M/S Manaksia Aluminium Co. Limited, Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 281/KOL/2021[2014-15]Status: DisposedITAT Kolkata25 Sept 2023AY 2014-15

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

Section 143(3)

…ITA Nos.92, 281/KOL/2021(A.Y. 2014-15) Manaksia Aluminium Co. Limited IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH, KOLKATA Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member I.T.A. No. 92/KOL/2021 Assessment Year: 2014-2015 & I.T.A. No. 281/KOL/2021 Assessment Year: 2014-2015 Deputy Commissioner of Income Tax,.........Appellant Circle-4(1), Kolkata, Aayakar Bhawan, 8th floor, P-7, Chowringhee Square, Kolkata-700069 -Vs.- M/s. Manaksia Aluminium Co. Limited,.....Respondent 8/1, Lalbazar Street, Bikaner Building, Kolkata-700001 [PAN: AAGCM4560N] Appearances by: Shri Sunil Kr…

Manoj Jain (HUF), Kolkata vs. ITO, Ward - 35(4), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 1782/KOL/2018[2015-16]Status: DisposedITAT Kolkata21 Sept 2023AY 2015-16

Bench: Shri Sanjay Garg & Dr. Manish Borad

Section 10Section 10(38)Section 143(2)Section 143(3)Section 68

…ITA No.1782/KOL/2018 (A.Y. 2015-2016) Manoj Jain (HUF) IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH, KOLKATA Before Shri Sanjay Garg, Judicial Member & Dr. Manish Borad, Accountant Member I.T.A. No. 1782/KOL/2018 Assessment Year: 2015-2016 Manoj Jain (HUF),..................................Appellant 15B, Clive Row, Kolkata-700001 [PAN: AAJHM3349B] -Vs.- Income Tax Officer,..............................Respondent Ward-35(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 Appearances by: Shri Miraj D. Shah, A.R., appeared on behalf of the assessee Shri B.K. Singh, JCIT, Sr. D.R., appea…

DCIT, Circle-7(2), New Delhi vs. Direct News Private Ltd.(Previously Known As M/S Inx Pvt. Ltd.), New Delhi

Appeals are dismissed

ITA 593/DEL/2020[2012-13]Status: DisposedITAT Delhi21 Sept 2023AY 2012-13

Bench: Shri Shamim Yahya & Shri Anubhav Sharma

Section 271(1)(c)Section 68

…1 ITA nos. 1787,1788/Del/2017, 593/Del/2020 & 6146/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.1787 /DEL/2017 A.Y. 2009-10 ITA No.1788 /DEL/2017 A.Y. 2012-13 ITA No.593 /DEL/2020 A.Y. 2012-13 (u/s 271(1)(c) ITA No.6146 /DEL/2019 A.Y. 2013-14 DCIT, Circle 7(2), Vs M/s Direct News Pvt. Ltd., New Delhi. [Formerly known as INX News Pvt. Ltd.] B-116, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi-110020. PAN: AABCI6212J APPELLANT RESPONDENT Assessee represented by Shri Pradeep Singh R…

ACIT, Circle-7(2), New Delhi vs. Direct News P.Ltd, Delhi

Appeals are dismissed

ITA 6146/DEL/2019[2013-14]Status: DisposedITAT Delhi21 Sept 2023AY 2013-14

Bench: Shri Shamim Yahya & Shri Anubhav Sharma

Section 271(1)(c)Section 68

…1 ITA nos. 1787,1788/Del/2017, 593/Del/2020 & 6146/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.1787 /DEL/2017 A.Y. 2009-10 ITA No.1788 /DEL/2017 A.Y. 2012-13 ITA No.593 /DEL/2020 A.Y. 2012-13 (u/s 271(1)(c) ITA No.6146 /DEL/2019 A.Y. 2013-14 DCIT, Circle 7(2), Vs M/s Direct News Pvt. Ltd., New Delhi. [Formerly known as INX News Pvt. Ltd.] B-116, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi-110020. PAN: AABCI6212J APPELLANT RESPONDENT Assessee represented by Shri Pradeep Singh R…

DCIT, New Delhi vs. M/S Inx News Pvt. Ltd., New Delhi

Appeals are dismissed

ITA 1788/DEL/2017[2012-13]Status: DisposedITAT Delhi21 Sept 2023AY 2012-13

Bench: Shri Shamim Yahya & Shri Anubhav Sharma

Section 271(1)(c)Section 68

…1 ITA nos. 1787,1788/Del/2017, 593/Del/2020 & 6146/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.1787 /DEL/2017 A.Y. 2009-10 ITA No.1788 /DEL/2017 A.Y. 2012-13 ITA No.593 /DEL/2020 A.Y. 2012-13 (u/s 271(1)(c) ITA No.6146 /DEL/2019 A.Y. 2013-14 DCIT, Circle 7(2), Vs M/s Direct News Pvt. Ltd., New Delhi. [Formerly known as INX News Pvt. Ltd.] B-116, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi-110020. PAN: AABCI6212J APPELLANT RESPONDENT Assessee represented by Shri Pradeep Singh R…

DCIT, New Delhi vs. M/S Inx News Pvt. Ltd., New Delhi

Appeals are dismissed

ITA 1787/DEL/2017[2009-10]Status: DisposedITAT Delhi21 Sept 2023AY 2009-10

Bench: Shri Shamim Yahya & Shri Anubhav Sharma

Section 271(1)(c)Section 68

…1 ITA nos. 1787,1788/Del/2017, 593/Del/2020 & 6146/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.1787 /DEL/2017 A.Y. 2009-10 ITA No.1788 /DEL/2017 A.Y. 2012-13 ITA No.593 /DEL/2020 A.Y. 2012-13 (u/s 271(1)(c) ITA No.6146 /DEL/2019 A.Y. 2013-14 DCIT, Circle 7(2), Vs M/s Direct News Pvt. Ltd., New Delhi. [Formerly known as INX News Pvt. Ltd.] B-116, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi-110020. PAN: AABCI6212J APPELLANT RESPONDENT Assessee represented by Shri Pradeep Singh R…

Ketan Jayant Shah, Mumbai vs. DCIT, Circle 1, Thane

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

ITA 568/MUM/2023[2013-14]Status: DisposedITAT Mumbai18 Sept 2023AY 2013-14

Bench: Shri B.R. Baskaran (Am) & Shri Narender Kumar Choudhry (Jm)

Section 10(38)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “H” Bench, Mumbai. Before Shri B.R. Baskaran (AM) & Shri Narender Kumar Choudhry (JM) I.T.A. No. 568/Mum/2023 (A.Y. 2013-14) Vs. DCIT, Circle-1 Ketan Jayant Shah Shop No. 1, Datta 6th Floor, Ashar IT Niwas, Gokhale Road Park, Road No. 16Z Naupada, Thane-W Wagle Estate Maharashtra-400 602. Thane Maharashtra-400 PAN : AOXPS3406b 604. (Appellant) (Respondent) Assessee by Shri K.R. Pradeep & Ms. Girija G.P. Department by Shri Prakash Kishinchandani Date of Hearing 17.08.2023 Date of Pronouncement 18.09.2023 O R D E R Per B.R.Baskaran (AM) :- The assessee has filed…

Smt . Veena Chaturvedi, Mumbai vs. DCIT Cent Cir -2(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 1702/MUM/2021[2013-14]Status: DisposedITAT Mumbai18 Sept 2023AY 2013-14
Section 10(38)Section 139Section 143(3)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘F‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Smt. Veena Chaturvedi Vs. DCIT(CC)-2(3) Premises No.1 & 2 8th Floor, Room No.803 4th Floor, Shreepati Old C.G.O. Building Arcade, Pratishtha Bhawan August Kranti Marg M.K. Road Nana Chowk Mumbai – 400 020 Mumbai – 400 036 PAN/GIR No.ADCPC8995K (Appellant) .. (Respondent) Assessee by Shri Suchek Anchaliya / Ms. Vanshika Revenue by Shri Lieder Panicker Date of Hearing 16/07/2023 Date of Pronouncement 18/09/2023 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has…

Income Tax Officer, Aayakar Bhavan, Majura Gate vs. Shri Gopalbhai T Patel(HUF), Surat

In the result, the grounds of appeal raised by the revenue are dismissed

ITA 498/SRT/2023[2011-12]Status: DisposedITAT Surat18 Sept 2023AY 2011-12

Bench: Shri Pawan Singhआ.अ.सं./Ita No.498/Srt/2023 (Ay 2011-12) (Hearing In Physical Court) Income Tax Officer, Ward Shri Gopalbhai T Patel (Huf) No.2(2)(5) Surat, 2, Vaibhav Bungalow, Vs Room No. 613, Near Radiant High School, Aaykar Bhavan, Surat Gymkhana Road, Surat- Majura Gate, 395007 Surat-395001 Pan Aachg 7284 E अपीलाथ"/Appellant ""थ" /Respondent

Section 10(38)Section 133(6)Section 143(3)Section 148Section 254(1)

…आयकर अपीलीय अिधकरण, सुरत "ायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, “SMC” BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER आ.अ.सं./ITA No.498/SRT/2023 (AY 2011-12) (Hearing in Physical Court) Income Tax Officer, Ward Shri Gopalbhai T Patel (HUF) No.2(2)(5) Surat, 2, Vaibhav Bungalow, Vs Room No. 613, Near Radiant High School, Aaykar Bhavan, Surat Gymkhana Road, Surat- Majura Gate, 395007 Surat-395001 PAN AACHG 7284 E अपीलाथ"/Appellant ""थ" /Respondent िनधा"रती की ओर से /Assessee by Shri Vinod Goyal, CA राज" की ओर से /Revenue by Shri Vinod Kumar, Sr-DR अपील पंजीकरण/Appeal instituted on 20.07.2023 स…

Saroj Baid, Kolkata vs. ITO, Ward - 36(3), Kolkata

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

ITA 558/KOL/2018[2014-15]Status: DisposedITAT Kolkata14 Sept 2023AY 2014-15

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

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

…ITA No.1029/KOL/2017 (A.Y. 2013-2014) & Saroj Baid IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B’ BENCH, KOLKATA Before Shri Sanjay Garg, Jjudicial Member & Dr. Manish Borad, Accountant Member I.T.A. No. 1029/KOL/2017 Assessment Year: 2013-2014 & I.T.A. No. 558/KOL/2018 Assessment Year: 2014-2015 Saroj Baid,..........................................Appellant 3B, Lal Bazar Street, 5th Floor, Kolkata-700001 [PAN: AEDPB3177Q] -Vs.- Income Tax Officer,..............................Respondent Ward-36(3), Kolkata, Aayakar Bhawan Poorva, 9th Floor, 110, Shanti Pally, Kolkata-700107 Appearances by: Shri Amalesh Sadh…

Saroj Baid, Kolkata vs. ITO, Ward 36(3), Kolkata

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

ITA 1029/KOL/2017[2013-14]Status: DisposedITAT Kolkata14 Sept 2023AY 2013-14

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

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

…ITA No.1029/KOL/2017 (A.Y. 2013-2014) & Saroj Baid IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B’ BENCH, KOLKATA Before Shri Sanjay Garg, Jjudicial Member & Dr. Manish Borad, Accountant Member I.T.A. No. 1029/KOL/2017 Assessment Year: 2013-2014 & I.T.A. No. 558/KOL/2018 Assessment Year: 2014-2015 Saroj Baid,..........................................Appellant 3B, Lal Bazar Street, 5th Floor, Kolkata-700001 [PAN: AEDPB3177Q] -Vs.- Income Tax Officer,..............................Respondent Ward-36(3), Kolkata, Aayakar Bhawan Poorva, 9th Floor, 110, Shanti Pally, Kolkata-700107 Appearances by: Shri Amalesh Sadh…

Rajendra Babulal Malu, HUF, Kolhapur vs. Income-Tax Officer, Ward - 2, Ichalkaranji

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

ITA 1868/PUN/2018[2015-16]Status: DisposedITAT Pune04 Sept 2023AY 2015-16

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.1867/Pun/2018 िनधा"रण वष" / Assessment Year : 2015-16 Archana Rajendra Malu, Vs. Ito, Ward-4, 237, Manish Trading Ichalkaranji. Company, Azad Road, Jaysingpur, Dist.- Kolhapur- 416101. Pan : Abepm4622K Appellant Respondent आयकर अपील सं. / Ita No.1868/Pun/2018 िनधा"रण वष" / Assessment Year : 2015-16 Rajendra Babulal Malu, Vs. Ito, Ward-2, Huf, Ichalkaranji. 237, Manish Trading Company, Azad Road, Jaysingpur, Dist.- Kolhapur- 416101. Pan : Aachr7709H Appellant Respondent Assessee By : Shri Hari Krishan Revenue By : Shri M. G. Jasnani Date Of Hearing : 29.08.2023 Date Of Pronouncement : 04.09.2023 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Two Different Assessees Directed Against The Separate Orders Of Ld. Commissioner Of Income Tax (Appeals)-2, Kolhapur [‘The Cit(A)’] Dated 03.10.2018 For The Assessment Year 2015-16 Respectively. 2. Since The Identical Facts & Common Issues Are Involved In Both The Above Captioned Appeals Of Two Different Assessees, We Proceed To Dispose Of The Same By This Common Order. 3. For The Sake Of Convenience & Clarity, The Facts Relevant To The Appeal In Ita No.1867/Pun/2018 For The Assessment Year 2015-16 Are Stated Herein.

For Appellant: Shri Hari KrishanFor Respondent: Shri M. G. Jasnani
Section 10(38)Section 143(3)Section 68

…e as well as without giving reasonable opportunity to rebut the case of the assessee. 8. The ld. Sr. DR placed reliance on the order of the ld. CIT(A) submits that in view of the decision of the Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj, 446 ITR 56 (Calcutta), the order of the ld. CIT(A) be upheld. 9. We heard the rival submissions and perused the material on record. The issue in the present appeal relates to whether or not the claim for exemption of capital gains u/s 10(38) of the Act is genuine. The material facts to be noted herein are as under : During the course of assessment proceeding…

Archana Rajendra Malu, Kolhapur vs. Income-Tax Officer, Ward - 4, Ichalkaranji

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

ITA 1867/PUN/2018[2015-16]Status: DisposedITAT Pune04 Sept 2023AY 2015-16

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.1867/Pun/2018 िनधा"रण वष" / Assessment Year : 2015-16 Archana Rajendra Malu, Vs. Ito, Ward-4, 237, Manish Trading Ichalkaranji. Company, Azad Road, Jaysingpur, Dist.- Kolhapur- 416101. Pan : Abepm4622K Appellant Respondent आयकर अपील सं. / Ita No.1868/Pun/2018 िनधा"रण वष" / Assessment Year : 2015-16 Rajendra Babulal Malu, Vs. Ito, Ward-2, Huf, Ichalkaranji. 237, Manish Trading Company, Azad Road, Jaysingpur, Dist.- Kolhapur- 416101. Pan : Aachr7709H Appellant Respondent Assessee By : Shri Hari Krishan Revenue By : Shri M. G. Jasnani Date Of Hearing : 29.08.2023 Date Of Pronouncement : 04.09.2023 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Two Different Assessees Directed Against The Separate Orders Of Ld. Commissioner Of Income Tax (Appeals)-2, Kolhapur [‘The Cit(A)’] Dated 03.10.2018 For The Assessment Year 2015-16 Respectively. 2. Since The Identical Facts & Common Issues Are Involved In Both The Above Captioned Appeals Of Two Different Assessees, We Proceed To Dispose Of The Same By This Common Order. 3. For The Sake Of Convenience & Clarity, The Facts Relevant To The Appeal In Ita No.1867/Pun/2018 For The Assessment Year 2015-16 Are Stated Herein.

For Appellant: Shri Hari KrishanFor Respondent: Shri M. G. Jasnani
Section 10(38)Section 143(3)Section 68

…e as well as without giving reasonable opportunity to rebut the case of the assessee. 8. The ld. Sr. DR placed reliance on the order of the ld. CIT(A) submits that in view of the decision of the Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj, 446 ITR 56 (Calcutta), the order of the ld. CIT(A) be upheld. 9. We heard the rival submissions and perused the material on record. The issue in the present appeal relates to whether or not the claim for exemption of capital gains u/s 10(38) of the Act is genuine. The material facts to be noted herein are as under : During the course of assessment proceeding…

M/S. Seema Holding Pvt. Ltd., Kolkata vs. A.C.I.T., Circle -1, Guwahati

In the result, appeal of the assessee in ITA No

ITA 69/GTY/2023[2015-16]Status: DisposedITAT Guwahati01 Sept 2023AY 2015-16

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 67/Gty/2023 Assessment Year: 2014-15 M/S. Seema Holding Pvt. Ltd. I.T.O. Ward-15(2), Kolkata Vs [Now, Acit, Central Circle-1, 89, Muktaram Babu Street Guwahati] Kolkata - 700007 [Pan : Aadcs5209H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

For Appellant: Shri Soumitra Choudhary, AdvocateFor Respondent: Shri Chandan Dutta, D/R
Section 143(3)Section 147Section 148Section 250

…Hon’ble Jurisdictional High Court has in case of Principal CIT I.T.A. No. 67/GTY/2023 Assessment Year: 2014-15 I.T.A. No. 68/GTY/2023 Assessment Year: 2015-16 I.T.A. No. 69/GTY/2023 Assessment Year: 2015-16 M/s. Seema Holding Pvt. Ltd. 10 Vs Swati Bajaj 446 ITR 56 (Cal), has decided the issue against the assessee but thereafter the ld. A/R submitted that the Hon’ble Supreme Court in the case of Pr CIT vs. Smt. Renu Aggarwal reported in 456 ITR 249 (SC) has dismissed the SLP filed by the revenue against the decision of Hon’ble High Court of Allahabad. The ld. A/R further stated that where there are two const…

M/S. Seema Holding Pvt. Ltd., Kolkata vs. A.C.I.T., Circle -1, Guwahati

In the result, appeal of the assessee in ITA No

ITA 68/GTY/2023[2015-16]Status: DisposedITAT Guwahati01 Sept 2023AY 2015-16

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 67/Gty/2023 Assessment Year: 2014-15 M/S. Seema Holding Pvt. Ltd. I.T.O. Ward-15(2), Kolkata Vs [Now, Acit, Central Circle-1, 89, Muktaram Babu Street Guwahati] Kolkata - 700007 [Pan : Aadcs5209H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

For Appellant: Shri Soumitra Choudhary, AdvocateFor Respondent: Shri Chandan Dutta, D/R
Section 143(3)Section 147Section 148Section 250

…as held that where the assessee has done these transactions of shares through registered brokers then, the loss/gain cannot be treated as bogus. The ld. A/R though admitted that the Hon’ble Jurisdictional High Court has in case of Principal CIT Vs Swati Bajaj 446 ITR 56 (Cal), has decided the issue against the assessee but thereafter the ld. A/R submitted that the Hon’ble Supreme Court in the case of Pr CIT vs. Smt. Renu Aggarwal reported in I.T.A. No. 67/GTY/2023 Assessment Year: 2014-15 I.T.A. No. 68/GTY/2023 Assessment Year: 2015-16 I.T.A. No. 69/GTY/2023 Assessment Year: 2015-16 M/s. Seema Holding Pvt. Ltd…