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 366,005 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

Narendra Shantilal Bapna, Navi Mumbai vs. Income Tax Officer, WD-28(2)(3), Mumbai

In the result, appeal filed by the assessee stands allowed

ITA 4198/MUM/2025[2014-15]Status: DisposedITAT Mumbai18 Nov 2025AY 2014-15

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarnarendra Shantilal Bapna V/S. Income Tax Officer, Ward – Flat No. A2501, Plot No. R3 बनाम 28(2)(3) B Emerald Bay, Sector 14, 4Th Floor, Tower No. 6, Vashi Nerul, Navi Mumbai – Station Complex, Vashi, Navi 400 706, Maharashtra Mumbai– 400703, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aclpb8458J Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Shri Prakash Jhunjhunwala, ARFor Respondent: Shri Leyaqat Ali Aafaqui, (Sr.DR)
Section 131Section 143(3)Section 68

…IN THE INCOME-TAX APPELLATE TRIBUNAL”B” BENCH, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER Narendra Shantilal Bapna v/s. Income Tax Officer, Ward – Flat No. A2501, Plot No. R3 बनाम 28(2)(3) B Emerald Bay, Sector 14, 4th Floor, Tower No. 6, Vashi Nerul, Navi Mumbai – Station Complex, Vashi, Navi 400 706, Maharashtra Mumbai– 400703, Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: ACLPB8458J Appellant/अपीलार्थी .. Respondent/प्रतिवादी Appellant by : Shri Prakash Jhunjhunwala, AR Respondent by : Shri Leyaqat Ali Aafaqui, (Sr.DR) Date of Hearing 30.09.20…

Arun Kumar Gupta, DCIT, Circle-1(3), Surat, Adajan vs. Chunibhai Haribhai Gajera, Adarsh Nagar Society

In the result, the appeal of the revenue is dismissed

ITA 779/SRT/2023[2014-15]Status: DisposedITAT Surat17 Nov 2025AY 2014-15

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.778 & 779/Srt/2023 Assessment Years: (2013-14 & 2014-15) (Physical Hearing) Dcit, Vs. Chunibhai Haribhai Gajera, Circle - 1(3), 67, Adarsh Nagar Society, Athwalines, Surat Surat - 395 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aawpg3525A (अपीलाथ"/Appellant) (""थ" /Respondent) Appellant By Shri Mukesh Jain, Cit-Dr Respondent By Shri Rasesh Shah, Ca Date Of Hearing 03/09/2025 Date Of Pronouncement 17/11/2025

Section 143(3)Section 250

…IN THE INCOME-TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI DINESH MOHAN SINHA, JUDICIAL MEMBER & SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.778 & 779/SRT/2023 Assessment Years: (2013-14 & 2014-15) (Physical hearing) DCIT, Vs. Chunibhai Haribhai Gajera, Circle - 1(3), 67, Adarsh Nagar Society, Athwalines, Surat Surat - 395 001 "थायीलेखासं./जीआइआरसं./PAN/GIR No: AAWPG3525A (अपीलाथ"/Appellant) (""थ" /Respondent) Appellant by Shri Mukesh Jain, CIT-DR Respondent by Shri Rasesh Shah, CA Date of Hearing 03/09/2025 Date of Pronouncement 17/11/2025 आदेश / O R D E R PER BENCH: These two ap…

Arun Kumar Gupta, DCIT, Circle-1(3), Surat, Adajan vs. Chunibhai Haribhai Gajera, Adarsh Nagar Society

In the result, the appeal of the revenue is dismissed

ITA 778/SRT/2023[2013-14]Status: DisposedITAT Surat17 Nov 2025AY 2013-14

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.778 & 779/Srt/2023 Assessment Years: (2013-14 & 2014-15) (Physical Hearing) Dcit, Vs. Chunibhai Haribhai Gajera, Circle - 1(3), 67, Adarsh Nagar Society, Athwalines, Surat Surat - 395 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aawpg3525A (अपीलाथ"/Appellant) (""थ" /Respondent) Appellant By Shri Mukesh Jain, Cit-Dr Respondent By Shri Rasesh Shah, Ca Date Of Hearing 03/09/2025 Date Of Pronouncement 17/11/2025

Section 143(3)Section 250

…IN THE INCOME-TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI DINESH MOHAN SINHA, JUDICIAL MEMBER & SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.778 & 779/SRT/2023 Assessment Years: (2013-14 & 2014-15) (Physical hearing) DCIT, Vs. Chunibhai Haribhai Gajera, Circle - 1(3), 67, Adarsh Nagar Society, Athwalines, Surat Surat - 395 001 "थायीलेखासं./जीआइआरसं./PAN/GIR No: AAWPG3525A (अपीलाथ"/Appellant) (""थ" /Respondent) Appellant by Shri Mukesh Jain, CIT-DR Respondent by Shri Rasesh Shah, CA Date of Hearing 03/09/2025 Date of Pronouncement 17/11/2025 आदेश / O R D E R PER BENCH: These two ap…

Mrs. Sanjana Anil Agarwal, Mumbai vs. Income Tax Officer 18(3)(2), Mumbai

In the result, the grounds of appeal raised

ITA 4194/MUM/2025[2014-15]Status: DisposedITAT Mumbai14 Nov 2025AY 2014-15

Bench: Shri Pawan Singh& Smt. Renu Jauhri(Physical Hearing) Mrs. Sanjana Anil Agarwal Ito, 18(3)(2), Mumbai 27/31, Botawala Building, 3Rd Floor, Vs Earnest House, Nariman Point, Old Hanuman Lane, Kalbadevi Road, Maharashtra – 400021. Maharashtra - 400002. [Pan: Abgpa3779D] Appellant / Assessee Respondent / Revenue

Section 10(38)Section 254(1)Section 68Section 69C

…nefit shown by assessee in the form of long term capital gain is unusual which is not possible in ordinary circumstances. To support his submission, the ld. Sr DR for the revenue relied upon the decision of Calcutta High Court in case of Swati Bajaj (2022) 446 ITR 56 (Cal)/ 288 Taxman 403 (Kol) 7. We have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. We find that the 7 Mrs. Sanjana Agarwal assessing officer treated the capital as unexplained credit only on the basis of information of investigation available with him. The assessing offic…

DCIT(CC)-8(3), Mumbai vs. Girraj Kishor Agrawal, Mumbai

In the result, the grouds of appea raised by the revenue are

ITA 3769/MUM/2025[2011-12]Status: DisposedITAT Mumbai10 Nov 2025AY 2011-12

Bench: Shri Pawan Singh& Smt. Renu Jauhri(Physical Hearing)

Section 143(1)Section 143(3)Section 148Section 151Section 254(1)Section 68

…by assessee in the form of long term capital gain is unusual which is not possible in ordinary circumstances. To support his submission, the ld. AR of the assessee relied upon the decision of Calcutta High Court in case of Swati Bajaj and Suman Poddar (2022) 446 ITR 56 (Cal) and NRA Iron Steel Company. 9. On the other hand, the ld. AR of the assessee supported the order of ld. CIT(A). While explaining the facts of the case, the ld. AR of the assessee submits that assessee purchased 29000 shares of Shreenath on 21.08.2009 at a total cost of Rs. 18,99,500/- that is @ Rs. 65.50/- per shares. Further, 87,000 bo…

Income Tax Officer 1(1)(3), Ahmedabad vs. Sureshkumar Bhikalal Thakker, Ahmedabad

In the result, the appeal of the Department is allowed

ITA 1593/AHD/2025[2015-16]Status: DisposedITAT Ahmedabad06 Nov 2025AY 2015-16

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Dipen Shukhadia, ARFor Respondent: Shri Ravindra, Sr. DR
Section 10(38)Section 147Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE DR. BRR KUMAR, VICE PRESIDENT & SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1593/Ahd/2025 (Assessment Year: 2015-16) Income Tax Officer, Ward-1(1)(3), Ahmedabad [PAN No.AANPT1201B] (Appellant) Appellant by: Shri Dipen Shukhadia, AR Respondent by: Shri Ravindra, Sr. DR Date of Hearing 04.11.2025 Date of Pronouncement 06.11.2025 ORDER PER SIDDHARTHA NAUTIYAL - JUDICIAL MEMBER: This appeal has been filed by the Department against the order passed by the Ld. Commissioner of Income Tax (Appeals), (in short “Ld. CIT(A)”), National Faceless Appea…

Deputy Commissioner of Income -Tax Central Circle-1(1), Ahmedabad, Gujarat vs. Bhaveshkumar Girishbhai Bhandari, Ahmedabad, Gujarat

In the result, the appeal of the Department is allowed and the order of

ITA 978/AHD/2025[2016-17]Status: DisposedITAT Ahmedabad04 Nov 2025AY 2016-17
For Respondent: Shri Abhijit Sr.DR
Section 132Section 143(1)Section 143(3)Section 144BSection 147Section 250Section 37(1)Section 68

…आयकर अपीलीय अधिकरण, अहमदाबाद न्यायपीठ "B", अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE DR. BRR KUMAR, VICE PRESIDENT AND SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER 1. आयकर अपील सं/ITA No.977/Ahd/2025 Asst.Year 2018-19 2. आयकर अपील सं/ITA No.978/Ahd/2025 Asst.Year 2016-17 3. आयकर अपील सं/ITA No.979/Ahd/2025 Asst.Year 2018-19 1. Dy.CIT Central Circle-1(1) Ahmedabad – 380 009 2-3.Dy.CIT Central Circle-1(1) Ahmedabad – 380 009 बनाम/ v/s. 1. Girishkumar Amratlal Bhandari HUF Nava Bazar Himatnagar Himatnagar – 383 001 Dist.Sabarkantha PAN: AADHB 2136 F 2-3.Bhaveshkumar Girishbhai Bhandari…

Deputy Commissioner of Income -Tax Central Circle-1(1), Ahmedabad, Gujarat vs. Girishkumar Amratlal Bhandari HUF, Himatnagar, Gujarat

In the result, the appeal of the Department is allowed and the order of

ITA 977/AHD/2025[2018-19]Status: DisposedITAT Ahmedabad04 Nov 2025AY 2018-19
For Respondent: Shri Abhijit Sr.DR
Section 132Section 143(1)Section 143(3)Section 144BSection 147Section 250Section 37(1)Section 68

…आयकर अपीलीय अधिकरण, अहमदाबाद न्यायपीठ "B", अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE DR. BRR KUMAR, VICE PRESIDENT AND SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER 1. आयकर अपील सं/ITA No.977/Ahd/2025 Asst.Year 2018-19 2. आयकर अपील सं/ITA No.978/Ahd/2025 Asst.Year 2016-17 3. आयकर अपील सं/ITA No.979/Ahd/2025 Asst.Year 2018-19 1. Dy.CIT Central Circle-1(1) Ahmedabad – 380 009 2-3.Dy.CIT Central Circle-1(1) Ahmedabad – 380 009 बनाम/ v/s. 1. Girishkumar Amratlal Bhandari HUF Nava Bazar Himatnagar Himatnagar – 383 001 Dist.Sabarkantha PAN: AADHB 2136 F 2-3.Bhaveshkumar Girishbhai Bhandari…

Gitaben Dineshbhai Patel, Ahmedabad vs. ITO Ward 5(3)(1), Ahmedabad

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

ITA 717/AHD/2025[2017-18]Status: DisposedITAT Ahmedabad04 Nov 2025AY 2017-18

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Anil Kshatriya, AdvocateFor Respondent: Shri Abhijit, Sr. DR
Section 10(38)Section 144BSection 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE DR. BRR KUMAR, VICE PRESIDENT & SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.717/Ahd/2025 (Assessment Year: 2017-18) Gitaben Dineshbhai Patel, Vs. Income Tax Officer, 2nd Floor, Anison Building, Ward-5(3)(1), Swastik Society, Navrangpura, Ahmedabad Ahmedabad-380009 Now Income Tax Officer, Ward-1(2)(1), Ahmedabad [PAN No.ABEPP8382M] (Appellant) .. (Respondent) Appellant by : Shri Anil Kshatriya, Advocate Respondent by: Shri Abhijit, Sr. DR 14.08.2025 Date of Hearing Date of Pronouncement 04.11.2025 O R D E R PER SIDDHARTHA NAUTIYAL - JUDICIA…

Saloni Girrajkishor Agrawal, Mumbai vs. Income Tax Officer, Ward - 25(1)(1), Mumbai

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

ITA 3234/MUM/2024[2013-14]Status: DisposedITAT Mumbai04 Nov 2025AY 2013-14

Bench: Justice (Retd.) C. V. Bhadang & Shri Prabhash Shankarsaloni Girrajkishor Agrawal V/S. Income Tax Officer, Ward 1601/1602, Green Acre, बनाम –25(1)(1),Kautilya Bhavan, Lokhandwala Complex, Andheri Bandra Kurla Complex, (West), Mumbai – 400 053, Bandra (East), Mumbai – Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Anupa1692D Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Shri Prakash Jhunjhunwala, ARFor Respondent: Shri Swapnil Choudhary, (Sr. DR)
Section 10(38)Section 143(3)Section 148Section 68

…IN THE INCOME-TAX APPELLATE TRIBUNAL“G” BENCH, MUMBAI BEFORE JUSTICE (RETD.) C. V. BHADANG, PRESIDENT & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER Saloni Girrajkishor Agrawal v/s. Income Tax Officer, Ward 1601/1602, Green Acre, बनाम –25(1)(1),Kautilya Bhavan, Lokhandwala Complex, Andheri Bandra Kurla Complex, (West), Mumbai – 400 053, Bandra (East), Mumbai – Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: ANUPA1692D Appellant/अपीलार्थी .. Respondent/प्रतिवादी Appellant by : Shri Prakash Jhunjhunwala, AR Respondent by : Shri Swapnil Choudhary, (Sr. DR) Date of Hearing 16.10.2025 Date of Pr…

Smt. Satyawati Marwaha Through Legal Heir Sh, Chander Sheikhar Marwaha, Jalandhar vs. Assistant Commissioner of Income Tax, Jalandhar

In the result, the appeal for Asstt

ITA 347/ASR/2024[2015-16]Status: DisposedITAT Amritsar30 Oct 2025AY 2015-16

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

For Appellant: Sh. Ashray Sarna, C. A
Section 10(38)Section 132Section 144Section 144rSection 147Section 148Section 151Section 250(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR (HYBRID COURT) BEFORE SH. MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER AND SH. UDAYAN DASGUPTA, JUDICIAL MEMBER I.T.A. Nos. 346 & 347/Asr/2024 Assessment Years: 2014-15 & 2015-16 Smt. Satyawati Marwaha Vs. Asstt. Commissioner of Income Tax, (Deceased), Through Legal Heir Sh. Jalandhar Chander Sheikhar Marwaha, 670, Model Town, Jalandhar, Punjab 144001 [PAN: ADWPM 8131H] (Respondent) (Appellant) Appellant by : Sh. Ashray Sarna, C. A. : Respondent by Sh. Charan Dass, Sr. D. R. Date of Hearing : 04.08.2025 Date of Pronouncement : 30.10.2025 ORDER Per U…

Smt. Satyawati Marwaha Through Legal Heir Sh. Chander Sheikhar Marwaha, Jalandhar vs. Assistant Commissioner of Income Tax, Jalandhar

In the result, the appeal for Asstt

ITA 346/ASR/2024[2014-15]Status: DisposedITAT Amritsar30 Oct 2025AY 2014-15

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

For Appellant: Sh. Ashray Sarna, C. A
Section 10(38)Section 132Section 144Section 144rSection 147Section 148Section 151Section 250(6)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR (HYBRID COURT) BEFORE SH. MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER AND SH. UDAYAN DASGUPTA, JUDICIAL MEMBER I.T.A. Nos. 346 & 347/Asr/2024 Assessment Years: 2014-15 & 2015-16 Smt. Satyawati Marwaha Vs. Asstt. Commissioner of Income Tax, (Deceased), Through Legal Heir Sh. Jalandhar Chander Sheikhar Marwaha, 670, Model Town, Jalandhar, Punjab 144001 [PAN: ADWPM 8131H] (Respondent) (Appellant) Appellant by : Sh. Ashray Sarna, C. A. : Respondent by Sh. Charan Dass, Sr. D. R. Date of Hearing : 04.08.2025 Date of Pronouncement : 30.10.2025 ORDER Per U…

Rohit Prakashchandra Shah, Ahmedabad vs. The Income Tax Officer, Ward-1(2)(3), Ahmedabad

In the result, appeal preferred by the assessee is dismissed

ITA 128/AHD/2024[2014-15]Status: DisposedITAT Ahmedabad30 Oct 2025AY 2014-15

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinhaassessment Year: 2014-15

Section 147Section 148

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH, AHMEDABAD BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER Assessment Year: 2014-15 Rohit Prakashchandra Shah, Income Tax Officer, B-339, Advance Business Ward – 1(2)(3), Park, Aaykar Bhavan (Vejalpur), Opp. Swaminarayan Temple, Nr. Sachin Tower, Shahibaug, 100 Foot Road, Vs. Ahmedabad – 380 004 Anandnagar-Prahladnagar (Gujarat) Road, [PAN – AXRPS 8716 R] Ahmedabad – 380 015. (Gujarat) (Appellant) (Respondent) Assessee by Shri K. C. Thaker, AR Revenue by Shri Abhijit, Sr. DR Date of Hearing 23.09.2025 Date of Pron…

Deputy Commissioner of Income Tax, Jalgaon vs. Taradevi Ratanlal Bafna, Jalgaon

ITA 498/PUN/2025[2014-15]Status: DisposedITAT Pune27 Oct 2025AY 2014-15

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Suchek Anchaliya and Tushar NagoriFor Respondent: Shri Amit Bobde, CIT
Section 132Section 143(2)Section 143(3)Section 147Section 148Section 153A

…ation to rig the prices of PFLIL and converting unaccounted money of the beneficiaries into long term capital gain which is exempt u/s 10(38). 14. Referring to the decision of Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj reported in (2022) 446 ITR 56 (Calcutta), he submitted that the Hon’ble High Court in the said decision has discussed in detail one such action taken by Directorate of Income Tax (Investigation) at Kolkatta which identified 84 BSE listed companies which were used for tax evasion using the penny stock rigging modus operandi. The Hon’ble High Court has noted that as per the repo…

Deputy Commissioner of Income Tax, Jalgaon vs. Taradevi Ratanlal Bafna, Jalgaon

In the result, all the above 6 appeals filed by the Revenue are dismissed and

ITA 497/PUN/2025[2013-14]Status: DisposedITAT Pune27 Oct 2025AY 2013-14

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Suchek Anchaliya andFor Respondent: Shri Amit Bobde, CIT
Section 10(38)Section 132Section 143(3)Section 147Section 148Section 153A

…ation to rig the prices of PFLIL and converting unaccounted money of the beneficiaries into long term capital gain which is exempt u/s 10(38). 14. Referring to the decision of Hon'ble Calcutta High Court in the case of PCIT vs. Swati Bajaj reported in (2022) 446 ITR 56 (Calcutta), he submitted that the Hon'ble High Court in the said decision has discussed in detail one such action taken by Directorate of Income Tax (Investigation) at Kolkatta which identified 84 BSE listed companies which were used for tax evasion using the penny stock rigging modus operandi. The Hon'ble High Court has noted that as per the repo…

Assistant Commissioner of Income Tax, Jalgaon vs. Sidharth Ratanlal Bafna, Jalgaon

In the result, all the above 6 appeals filed by the Revenue are dismissed and

ITA 1565/PUN/2024[2018-19]Status: DisposedITAT Pune27 Oct 2025AY 2018-19

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Suchek Anchaliya andFor Respondent: Shri Amit Bobde, CIT
Section 10(38)Section 132Section 143(3)Section 147Section 148Section 153A

…ation to rig the prices of PFLIL and converting unaccounted money of the beneficiaries into long term capital gain which is exempt u/s 10(38). 14. Referring to the decision of Hon'ble Calcutta High Court in the case of PCIT vs. Swati Bajaj reported in (2022) 446 ITR 56 (Calcutta), he submitted that the Hon'ble High Court in the said decision has discussed in detail one such action taken by Directorate of Income Tax (Investigation) at Kolkatta which identified 84 BSE listed companies which were used for tax evasion using the penny stock rigging modus operandi. The Hon'ble High Court has noted that as per the repo…

Assistant Commissioner of Income Tax, Jalgaon vs. Sidharth Ratanlal Bafna, Jalgaon

ITA 1561/PUN/2024[2015-16]Status: DisposedITAT Pune27 Oct 2025AY 2015-16

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Suchek Anchaliya and Tushar NagoriFor Respondent: Shri Amit Bobde, CIT
Section 132Section 143(2)Section 143(3)Section 147Section 148Section 153A

…ation to rig the prices of PFLIL and converting unaccounted money of the beneficiaries into long term capital gain which is exempt u/s 10(38). 14. Referring to the decision of Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj reported in (2022) 446 ITR 56 (Calcutta), he submitted that the Hon’ble High Court in the said decision has discussed in detail one such action taken by Directorate of Income Tax (Investigation) at Kolkatta which identified 84 BSE listed companies which were used for tax evasion using the penny stock rigging modus operandi. The Hon’ble High Court has noted that as per the repo…

Assistant Commissioner of Income Tax, Jalgaon vs. Sidharth Ratanlal Bafna, Jalgaon

ITA 1560/PUN/2024[2014-15]Status: DisposedITAT Pune27 Oct 2025AY 2014-15

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Suchek Anchaliya and Tushar NagoriFor Respondent: Shri Amit Bobde, CIT
Section 132Section 143(2)Section 143(3)Section 147Section 148Section 153A

…ation to rig the prices of PFLIL and converting unaccounted money of the beneficiaries into long term capital gain which is exempt u/s 10(38). 14. Referring to the decision of Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj reported in (2022) 446 ITR 56 (Calcutta), he submitted that the Hon’ble High Court in the said decision has discussed in detail one such action taken by Directorate of Income Tax (Investigation) at Kolkatta which identified 84 BSE listed companies which were used for tax evasion using the penny stock rigging modus operandi. The Hon’ble High Court has noted that as per the repo…

Assistant Commissioner of Income Tax, Jalgaon vs. Sidharth Ratanlal Bafna, Jalgaon

In the result, all the above 6 appeals filed by the Revenue are dismissed and

ITA 1555/PUN/2024[2013-14]Status: DisposedITAT Pune27 Oct 2025AY 2013-14

Bench: Shri R. K. Panda & Ms Astha Chandra

For Respondent: S/Shri Suchek Anchaliya and
Section 10(38)Section 132Section 143(3)Section 147Section 148Section 153A

…ation to rig the prices of PFLIL and converting unaccounted money of the beneficiaries into long term capital gain which is exempt u/s 10(38). 14. Referring to the decision of Hon'ble Calcutta High Court in the case of PCIT vs. Swati Bajaj reported in (2022) 446 ITR 56 (Calcutta), he submitted that the Hon'ble High Court in the said decision has discussed in detail one such action taken by Directorate of Income Tax (Investigation) at Kolkatta which identified 84 BSE listed companies which were used for tax evasion using the penny stock rigging modus operandi. The Hon'ble High Court has noted that as per the repo…

Income Tax Officer, Delhi vs. Megha Garg, Delhi

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

ITA 3488/DEL/2025[2013-14]Status: DisposedITAT Delhi27 Oct 2025AY 2013-14

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] Income Tax Officer, Megha Garg, 1707 E-2 Block Civic Centre, 160 Saraswati Vihar Vaishali, New Delhi-110002 Vs Pitampura, Delhi-110034 Pan-Aecpg7098C Appellant Respondent

Section 10(38)Section 147Section 68Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘E’: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTNAT MEMBER [Assessment Year: 2013-14] Income Tax Officer, Megha Garg, 1707 E-2 Block Civic Centre, 160 Saraswati Vihar Vaishali, New Delhi-110002 Vs Pitampura, Delhi-110034 PAN-AECPG7098C Appellant Respondent Assessee by Shri Suresh Kumar Gupta, CA Revenue by Ms. Ankush Kalra, Sr. DR Date of Hearing 14.10.2025 Date of Pronouncement 27.10.2025 ORDER PER AMITABH SHUKLA, AM, This appeal has been preferred by the Revenue against order dated 29.03.2025 of National Faceless App…