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

Income Tax Officer, Mumbai vs. Priti Nilesh Jain Daga, Mumbai

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

ITA 4616/MUM/2024[2014-15]Status: DisposedITAT Mumbai10 Mar 2025AY 2014-15

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

Section 10(38)Section 139(1)Section 147Section 148Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, (JUDICIAL MEMBER) & SHRI PRABHASH SHANKAR, (ACCOUNTANT MEMBER) I.T.A. No.4507/Mum/2024 Assessment Year: 2014-15 Pritin Nilesh Jain Daga Vs. Income Tax Officer 1804, Shreepati Arcade, Ward 19(2)(4), August Kranti Marg Mumbai Govaliya Tank, Income Tax Mumbai-400036. Department, Primal PAN: ACFPJ3136R Chambers, Dr SS Rao Marg, Parel, Mumbai-400012 (Appellant) (Respondent) I.T.A. No.4616/Mum/2024 Assessment Year: 2014-15 Income Tax Officer Ward Vs. Pritin Nilesh Jain 19(2)(4), Mumbai Daga Income Tax Department, 1804, Shreepati Prim…

Priti Nilesh Jain Daga, Mumbai vs. Income Tax Officer 19(2)(4), Mumbai

In the result the appeal filed by the assessee stands allowed and appeal filed by the revenue stands dismissed

ITA 4507/MUM/2024[2014-15]Status: DisposedITAT Mumbai10 Mar 2025AY 2014-15

Bench: Shri Sandeep Gosain, () & Shri Prabhash Shankar, ()

Section 10(38)Section 139(1)Section 147Section 148Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, (JUDICIAL MEMBER) & SHRI PRABHASH SHANKAR, (ACCOUNTANT MEMBER) I.T.A. No.4507/Mum/2024 Assessment Year: 2014-15 Pritin Nilesh Jain Daga Vs. Income Tax Officer 1804, Shreepati Arcade, Ward 19(2)(4), August Kranti Marg Mumbai Govaliya Tank, Income Tax Mumbai-400036. Department, Primal PAN: ACFPJ3136R Chambers, Dr SS Rao Marg, Parel, Mumbai-400012 (Appellant) (Respondent) I.T.A. No.4616/Mum/2024 Assessment Year: 2014-15 Income Tax Officer Ward Vs. Pritin Nilesh Jain 19(2)(4), Mumbai Daga Income Tax Department, 1804, Shreepati Prim…

Principal Commissioner of Income Tax 2 Kolkata vs. M/S Mundhra Construction Private Limited

ITAT/10/2025HC Calcutta07 Mar 2025

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- The Hon'Ble Justice Chaitali Chatterjee (Das)

Section 260ASection 68

…1 OD - 6 IN THE HIGH COURT AT CALCUTTA SPECIAL JURISDICTION [INCOME TAX] ORIGINAL SIDE BEFORE : THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM -A N D- THE HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS) ITAT/10/2025 IA NO: GA/1/2025 PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA VS M/S MUNDHRA CONSTRUCTION PRIVATE LIMITED Mr. Aryak Dutt, Advocate Mr. Soumen Bhattacharjee, Advocate ….for the Appellant. Mr. S. M. Suraja, Advocate Mr. Bhaskar Sengupta, Advocate . . .for the Respondent. HEARD ON : 07.3.2025 JUDGMENT ON : 07.3…

Shri Ganesh Bhivraj Bhutada, Pune vs. ACIT, Central Circle1(1), Pune

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1132/PUN/2024[2018-19]Status: DisposedITAT Pune06 Mar 2025AY 2018-19

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri V Narendra Sharma, AdvocateFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 132(4)Section 133ASection 143(1)Section 143(2)Section 153C

…ntly raised such belated plea of denial of opportunity of fair hearing and breach of principles of natural justice (Emphasis supplied) 19. The issue of cross-examination was further examined by Hon'ble High Court of Calcutta in the case of PCIT vs Swati Bajaj 446 ITR 56 (Calcutta) wherein after examining the legal position on this issue, the Hon'ble High Court of Calcutta has held as under. 58. Therefore, the assessees have to specifically point out as to how they were prejudiced on account of non-furnishing of the investigation report in its entirety, failure to produce the persons from whom the statements were…

Shri Ganesh Bhivraj Bhutada, Pune vs. ACIT, Central Circle1(1), Pune

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1131/PUN/2024[2017-18]Status: DisposedITAT Pune06 Mar 2025AY 2017-18

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri V Narendra Sharma, AdvocateFor Respondent: Shri Amol Khairnar, CIT-DR
Section 132Section 132(4)Section 133ASection 143(1)Section 143(2)Section 153C

…ntly raised such belated plea of denial of opportunity of fair hearing and breach of principles of natural justice (Emphasis supplied) 19. The issue of cross-examination was further examined by Hon'ble High Court of Calcutta in the case of PCIT vs Swati Bajaj 446 ITR 56 (Calcutta) wherein after examining the legal position on this issue, the Hon'ble High Court of Calcutta has held as under. 58. Therefore, the assessees have to specifically point out as to how they were prejudiced on account of non-furnishing of the investigation report in its entirety, failure to produce the persons from whom the statements were…

Manish Devendrakumar Shah, Ahmedabad vs. The ITO, Ward-5(3)(1), Ahmedabad

The appeal of the assessee is allowed in full

ITA 918/AHD/2024[2014-15]Status: DisposedITAT Ahmedabad25 Feb 2025AY 2014-15

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.918/Ahd/2024 िनधा"रण वष" /Assessment Year : 2014-15 Manish Devendrakumar Shah The Ito बनाम/ 206, 2Nd Floor, Kalash 1 Ward-5(3)(1) V/S. Navrangpura Ahmedabad Ahmedabad – 380 009 "थायी लेखा सं./Pan: Aqjps 4226 K (अपीलाथ"/ Appellant) ("" यथ"/ Respondent) Assessee By : Shri S.N. Divatia, Ar & Shri Samir Vora, Ar Revenue By : Shri Rignesh Das, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 20 /02/2025 घोषणा की तारीख /Date Of Pronouncement: 25/02/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

For Appellant: Shri S.N. Divatia, AR &For Respondent: Shri Rignesh Das, Sr.DR
Section 10(38)Section 143(1)Section 147Section 250Section 68

…tificial price manipulation or accommodation entry. 8.11. The CIT(A), while upholding the addition made by the AO under Section 68, has placed heavy reliance on the decision of the Hon’ble Calcutta High Court in the case of PCIT vs. Swati Bajaj & Ors. (2022) 446 ITR 56 (Cal). However, upon careful analysis, we find that the facts of the present case are significantly different from those in Swati Bajaj, and therefore, the said decision cannot be applied as a blanket precedent. The modus operandi Manish Devendrakumar Shah vs. ITO Asst. Year : 2014-15 12 involved in the case of Swati Bajaj was based on an extens…

The DCIT, Central Circle-1(1), Ahmedabad vs. Shri Rajendra J Keshwani (HUF), Ahmedabad

The appeal of the Revenue is dismissed

ITA 30/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2015-16

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.30/Ahd/2021 िनधा"रण वष" /Assessment Year : 2015-16 The Dcit Shri Rajendra J. Keshwani बनाम/ Central Circle-1(1) (Huf) V/S. Ahmedabad-380 009 44, Asopalav Bungalows Nr.Muktidham Jain Temple Thaltej, Ahmedabad "थायी लेखा सं./Pan: Aaehk 1973 J अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee By : Shri M.K. Patel, Advocate Revenue By : Shri Kavan Limbasiya, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 12/02/2025 घोषणा की तारीख /Date Of Pronouncement: 18/02/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

For Appellant: Shri M.K. Patel, AdvocateFor Respondent: Shri Kavan Limbasiya, Sr.DR
Section 10(38)Section 143(1)Section 143(2)Section 68

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “बी“, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD सु"ी सुिच"ा का"ले, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA No.30/Ahd/2021 िनधा"रण वष" /Assessment Year : 2015-16 The DCIT Shri Rajendra J. Keshwani बनाम/ Central Circle-1(1) (HUF) v/s. Ahmedabad-380 009 44, Asopalav Bungalows Nr.Muktidham Jain Temple Thaltej, Ahmedabad "थायी लेखा सं./PAN: AAEHK 1973 J अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee by : Shri M.K. Pate…

DCIT 19(1), Mumbai vs. Pavan Kumar B Chandan, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 2592/MUM/2023[2015-16]Status: DisposedITAT Mumbai18 Feb 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Devendra Jain,ARFor Respondent: Shri Mahesh Pamnani (Sr.DR)
Section 143(3)Section 68Section 69

…vs. I.T.O. [ITA No. 1386/Kol/2018]Smt. Pushpa Devi Chopra vs. I.T.O. [ITA No. 1388/Kol/2018]Smt. Sampat Devi Chopra vs. I.T.O. [ITA No. 1387/Kol/2018].Besides,the decision of Hon'ble High Court of Calcutta rendered in the case of PCIT vs. Swait Bajaj (2022) 139 Taxmann.com 352 (Calcutta High Court) was distinguished in DCIT vs. Dilip Jiwrajka (ITA No.: 2349/Mum/2021)(ITAT, Mumbai) (Order dated 29.11.2022).Moreover,hon'ble Securities Appellate Tribunal, Mumbai in the case of Praveen Kurele [2022] 42 taxmann.com 304 (SAT-Mumbai) inter-alia held that merely because the appellants reaped in huge profits by sellin…

Chintan Shailesh Shah, Mumbai vs. ITO Ward-30(1)(2), Now ITO Ward-41(3)(1), Mumbai

In the result, the appeal filed by the assessee stands dismissed with no order as to cost

ITA 2469/MUM/2024[2014-15]Status: DisposedITAT Mumbai17 Feb 2025AY 2014-15

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankarchintan Shailesh Shah Vs. Ito, Ward 30(1)(2) Rushikesh, Shanti Nagar, (Now Ward 41(3)(1)) Adarsh Dugdhalaya Kautilya Bhavan, Bkc, Malad (W), Mumbai – Bandra (E), Mumbai – 400064. 400051. Pan/Gir No. Amzps2768Q (Applicant) (Respondent)

Section 10(38)Section 133(6)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER Chintan Shailesh Shah Vs. ITO, Ward 30(1)(2) Rushikesh, Shanti Nagar, (Now Ward 41(3)(1)) Adarsh Dugdhalaya Kautilya Bhavan, BKC, Malad (W), Mumbai – Bandra (E), Mumbai – 400064. 400051. PAN/GIR No. AMZPS2768Q (Applicant) (Respondent) Assessee by None Revenue by Shri Mahesh Pamnani, Sr. DR Date of Hearing 17.02.2025 Date of Pronouncement 17.02.2025 आदेश / ORDER PER SANDEEP GOSAIN, JM: The present appeal has been filed by the assessee challenging the impugned orde…

DCIT-CC-7(3), Mumbai vs. M/S Lotus Buildspace LLP, Mumbai

In the result, all the appeals filed by the revenue are dismissed and the cross objections filed by the assessee are allowed

ITA 1484/MUM/2019[2013-14]Status: DisposedITAT Mumbai14 Feb 2025AY 2013-14

Bench: SHRI B.R. BASKARAN (Accountant Member), SHRI ANIKESH BANERJEE (Judicial Member)

For Respondent: Dr. K.R. Subhash (CIT-DR)
Section 132Section 143(2)Section 143(3)Section 153ASection 153A(1)(a)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORESHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA No. C.O. No. A.Y. Appellant /Cross Respondent Objector 1484/M/2019 - 2013-14 D.C.I.T.-CC-7(3) M/s Lotus Buildspace Mumbai LLP, Room No.655, 6th 419, Laxmi Plaza, Floor, Aayakar Laxmi Industrial Bhavan, M.K. Road, Estate, New Link Mumbai Road, Andheri, Mumbai-400 053 PAN : AAEFL2464P - 43/Mum/2021 -do- M/s Lotus D.C.I.T.-CC-7(3) Buildspace LLP, Mumbai 1482/M/2019 - 2012-13 D.C.I.T.-CC-7(3) M/s Lotus Engicon Mumbai Pvt Ltd PAN : AABCL4505H - 109/Mum/2021 -d…

DCIT-CC-7(3), Mumbai vs. M/S Lotus Engicon Pvt. Ltd., Mumbai

In the result, all the appeals filed by the revenue are dismissed and the cross objections filed by the assessee are allowed

ITA 1482/MUM/2019[2012-13]Status: DisposedITAT Mumbai14 Feb 2025AY 2012-13

Bench: SHRI B.R. BASKARAN (Accountant Member), SHRI ANIKESH BANERJEE (Judicial Member)

For Respondent: Dr. K.R. Subhash (CIT-DR)
Section 132Section 143(2)Section 143(3)Section 153ASection 153A(1)(a)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORESHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA No. C.O. No. A.Y. Appellant /Cross Respondent Objector 1484/M/2019 - 2013-14 D.C.I.T.-CC-7(3) M/s Lotus Buildspace Mumbai LLP, Room No.655, 6th 419, Laxmi Plaza, Floor, Aayakar Laxmi Industrial Bhavan, M.K. Road, Estate, New Link Mumbai Road, Andheri, Mumbai-400 053 PAN : AAEFL2464P - 43/Mum/2021 -do- M/s Lotus D.C.I.T.-CC-7(3) Buildspace LLP, Mumbai 1482/M/2019 - 2012-13 D.C.I.T.-CC-7(3) M/s Lotus Engicon Mumbai Pvt Ltd PAN : AABCL4505H - 109/Mum/2021 -d…

Sejal Jignesh Shah, Mumbai vs. The Income Tax Officer-19(3)(3), Mumbai

In the result, the appeal of the assessee is allowed

ITA 444/MUM/2023[2012-13]Status: DisposedITAT Mumbai20 Jan 2025AY 2012-13

Bench: Sunil Kumar Singh, Hon’Ble

For Appellant: Shri Fenil Bhatt, AdvocateFor Respondent: Shri Bhangepatil Pushkaraj Ramesh, Sr. DR
Section 10(38)Section 143(1)Section 147Section 148Section 68

…sactions through stock exchange and the consideration received is through banking channel, therefore, on such evidences no adverse inference can be drawn. 10. The Sr.DR placed strong reliance on the decision in the case of PCIT vs. Swati Bajaj as reported in 446 ITR 56 (Cal). The decision relied by the Ld. DR in the case of Pr. CIT v. Swati Bajaj [446 ITR 56 (Calcutta)] is misplaced for the primary reason that in the case of Swati Bajaj sale/purchase was not from the Demat Accounts. In most of the cases the purchases were through private placements. Whereas, in the case on hand, the trades were made on the stock…

Shri Krishan Kumar Jalan, Bangalore vs. ITO, W-1, Sirsa

In the result appeal of the assessee is dismissed

ITA 933/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh15 Jan 2025AY 2014-15
For Appellant: Shri P.K. Prasad, Advocate &For Respondent: Dr. Vivek Vardhan, JCIT, Sr. DR
Section 10(38)Section 143(2)Section 143(3)Section 250(6)Section 253Section 68

…rice. Wherever there are abnormal gains, the onus would lie on assessee to prove the abnormal circumstances and here the assessee has not discharged this onus. 6.27 We gainfully refer to judgement of Hon'ble Calcutta High court in case of PCIT Vs. Swati Bajaj 139 Taxmann.com 352 (Kol)(2022) wherein it was held as under: Almost all the objections/grounds raised by the assessee against the addition made by Ld. AO were answered by the Kolkata High Court in this case. Heavy reliance is placed on this decision because it is the culmination of collective wisdom of 22 Advocates who argued this case on behalf assessees,…

Suresh B. Agrawal HUF, Ahmedabad vs. Income Tax Officer, Ward-5(2)(4), Ahmedabad

In the result, the appeal filed by the Assessee is hereby dismissed

ITA 74/AHD/2024[2015-2016]Status: DisposedITAT Ahmedabad06 Jan 2025AY 2015-2016

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

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

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “A” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member Assessment Year 2015-16 Suresh B Agrawal HUF, The ITO, A-16, Saumya Ward-5(2)(4), Apartment, Vs Ahmedabad Near Navrang School, Navrangpura, Gujarat-380009 PAN: AAEHS7339L (Respondent) (Appellant) Assessee Represented: None Revenue Represented: Shri Aashish Rajesh Rewar, Sr.D.R. Date of hearing : 20-11-2024 Date of pronouncement : 06-01-2025 आदेश/ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Assessee as against the order…

Mr Pankaj Goshar, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 8(4), Mumbai

ITA 1256/MUM/2024[2015-16]Status: DisposedITAT Mumbai20 Dec 2024AY 2015-16

Bench: Shri B.R. Baskaran & Shri Sunil Kumar Singh

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Ms.Rajeshwari Menon, Sr.DR
Section 10(38)Section 131Section 132Section 132(4)Section 143(3)Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “C” BENCH : MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER ITA No. Α.Υ. Appellant Respondent 1224/Mum/2024 2014-15 Deputy Commissioner of Income Tax, 6th Floor, Aayakar Bhavan, M.K.Road, Mumbai. Pankaj Dhanji Goshar, 1101, Mont Blanc, 550, Jam-e-Jamshed Road, Matunga East, Mumbai PAN: AACPG7709G 1223/Mum/2024 2015-16 Mr. Pankaj Goshar, 1601, Mount Pleasant, 586, Lady Jehangir Road, Matunga, Mumbai PAN: AACPG7709G Deputy Commissioner of Income Tax, Central Circle-8(4), Aayakar Bhavan, M.K.Road, Mumbai. 1256/Mum/2024 2015-1…

Deputy Commissioner of Income Tax, Mumbai vs. Pankaj Dhanji Goshar, Mumbai

ITA 1224/MUM/2024[2014-15]Status: DisposedITAT Mumbai20 Dec 2024AY 2014-15
For Appellant: Shri Neelkanth Khandelwal For Revenue : Ms.Rajeshwari Menon, Sr.DRFor Respondent: Ms.Rajeshwari Menon, Sr.DR
Section 10(38)Section 131Section 132Section 132(4)Section 143(3)Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “C” BENCH : MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER ITA No. Α.Υ. Appellant Respondent 1224/Mum/2024 2014-15 Deputy Commissioner of Income Tax, 6th Floor, Aayakar Bhavan, M.K.Road, Mumbai. Pankaj Dhanji Goshar, 1101, Mont Blanc, 550, Jam-e-Jamshed Road, Matunga East, Mumbai PAN: AACPG7709G 1223/Mum/2024 2015-16 Mr. Pankaj Goshar, 1601, Mount Pleasant, 586, Lady Jehangir Road, Matunga, Mumbai PAN: AACPG7709G Deputy Commissioner of Income Tax, Central Circle-8(4), Aayakar Bhavan, M.K.Road, Mumbai. 1256/Mum/2024 2015-1…

Deputy Commissioner of Income Tax, Mumbai vs. Pankaj Dhanji Goshar, Mumbai

ITA 1223/MUM/2024[2015-16]Status: DisposedITAT Mumbai20 Dec 2024AY 2015-16

Bench: Shri B.R. Baskaran & Shri Sunil Kumar Singh

For Appellant: Shri Neelkanth KhandelwalFor Respondent: Ms.Rajeshwari Menon, Sr.DR
Section 10(38)Section 131Section 132Section 132(4)Section 143(3)Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “C” BENCH : MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER ITA No. Α.Υ. Appellant Respondent 1224/Mum/2024 | 2014-15 Deputy Commissioner of Income Tax, 6th Floor, Aayakar Bhavan, M.K.Road, Mumbai. Pankaj Dhanji Goshar, 1101, Mont Blanc, 550, Jam-e-Jamshed Road, Matunga East, Mumbai PAN: AACPG7709G 1223/Mum/2024 | 2015-16 Mr. Pankaj Goshar, 1601, Mount Pleasant, 586, Lady Jehangir Road, Matunga, Mumbai PAN: AACPG7709G Deputy Commissioner of Income Tax, Central Circle-8(4), Aayakar Bhavan, M.K.Road, Mumbai. 1256/Mum/2024 |…

DCIT Circle-43(1), New Delhi vs. Krishan Kumar, New Delhi

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

ITA 27/DEL/2021[2015-16]Status: DisposedITAT Delhi19 Dec 2024AY 2015-16

Bench: Shri M. Balaganesh & Shri Sudhir Kumar

For Appellant: Shri Ruchesh Sinha, AdvFor Respondent: Shri Sanjay Kumar, Sr. DR
Section 10(38)Section 133(6)Section 143(3)

…consideration. 15. Accordingly, the present appeals are dismissed.” ITA Nos. 1218 &27/Del/2021 Shri Krishan Kumar 13. We find that the Learned DR vehemently relied on the decision of Hon'ble Calcutta High Court in the case of PCIT vs Swati Bajaj reported in 446 ITR 56 (Cal) which is an elaborate decision rendered after considering various decisions of various High Courts on the subject. In the said decision, it was held that assessee had to establish the genuineness of rise of price of shares within a short period of time that too when general market trend was recessive. But we find that when there is a decisio…

DCIT, Circle-43(1), New Delhi vs. Krishan Kumar, New Delhi

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

ITA 1218/DEL/2021[2014-15]Status: DisposedITAT Delhi19 Dec 2024AY 2014-15

Bench: Shri M. Balaganesh & Shri Sudhir Kumar

For Appellant: Shri Ruchesh Sinha, AdvFor Respondent: Shri Sanjay Kumar, Sr. DR
Section 10(38)Section 133(6)Section 143(3)

…consideration. 15. Accordingly, the present appeals are dismissed.” ITA Nos. 1218 &27/Del/2021 Shri Krishan Kumar 13. We find that the Learned DR vehemently relied on the decision of Hon'ble Calcutta High Court in the case of PCIT vs Swati Bajaj reported in 446 ITR 56 (Cal) which is an elaborate decision rendered after considering various decisions of various High Courts on the subject. In the said decision, it was held that assessee had to establish the genuineness of rise of price of shares within a short period of time that too when general market trend was recessive. But we find that when there is a decisio…

Income Tax Officer, Ward-7(2), Jaipur vs. Amar Pratap Steels Private Limited, Jaipur

ITA 173/JPR/2024[2010-11]Status: DisposedITAT Jaipur18 Dec 2024AY 2010-11

Bench: Him The Order Passed Under Section 143(3) R.W.S

For Appellant: Sh. Rohan Sogani, CAFor Respondent: Sh. Anup Singh, Addl. CIT
Section 143(3)Section 147Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, “B” JAIPUR BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, Assessment Year : 2010-11 cuke Income Tax Officer, Amar Pratap Steels Pvt. Ltd. Vs. Ward-7(2), A-161, RIICO Industrial Area, Bagroo, Jaipur Jaipur PAN/GIR No.: AAECA 9152 G Appellant Respondent CO No. 03/JPR/2024 (Arising out of ITA No. 173/JPR/2024) Assessment Year : 2010-11 cuke Amar Pratap Steels Pvt. Ltd. Income Tax Officer, Vs. A-161, RIICO Industrial Area, Bagroo, Ward-7(2), Jaipur Jaipur PAN/GIR No.: AAECA 9152 G Appellant Respondent Assessee by : Sh. Rohan Sogani, CA Rev…