Pr. CIT v. Karuna Garg

457 ITR 591High Court2023#14218 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2024 to 2024.

Sections most often in play

Section 143(3)Section 147Section 153ASection 153CSection 69CSection 10(38)Section 148Section 153D
Read the full judgment

Issues it is cited on

section 132(5)section 100section 153(c)(1)section 94abatement of assessmentanonymous donationsection 153(c)section 164third party informationonus of proofincome tax settlement commissionsection 31

Judgments citing Pr. CIT v. Karuna Garg

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2938/DEL/2023[2017-18]Status: DisposedITAT Delhi30 Aug 2024AY 2017-18

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR
Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…LLOWING DIKTATS OF INVESTIGATION REPORT IS OTHERWISE TOO UNTENABLE: Reliance is placed on the following judicial pronouncements: i) 178 ITD 823 (Delhi - Trib.) Smt. Karuna Gargvsf. ITO (pages 340-346 of JPB) affirmed by Hon’ble High Court of Delhi reported in 457 ITR 591 (Del) 19……….. 20. There is no dispute that the shares of the two companies were purchased online, the payments have been made through banking channel, and the shares were dematerialized and the sales have been routed from de-mat account and the consideration has been received through banking channels. 21. A perusal of the assessment order clearly…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2937/DEL/2023[2016-17]Status: DisposedITAT Delhi30 Aug 2024AY 2016-17

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR
Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…LLOWING DIKTATS OF INVESTIGATION REPORT IS OTHERWISE TOO UNTENABLE: Reliance is placed on the following judicial pronouncements: i) 178 ITD 823 (Delhi - Trib.) Smt. Karuna Gargvsf. ITO (pages 340-346 of JPB) affirmed by Hon’ble High Court of Delhi reported in 457 ITR 591 (Del) 19……….. 20. There is no dispute that the shares of the two companies were purchased online, the payments have been made through banking channel, and the shares were dematerialized and the sales have been routed from de-mat account and the consideration has been received through banking channels. 21. A perusal of the assessment order clearly…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2936/DEL/2023[2015-16]Status: DisposedITAT Delhi30 Aug 2024AY 2015-16

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR
Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…LLOWING DIKTATS OF INVESTIGATION REPORT IS OTHERWISE TOO UNTENABLE: Reliance is placed on the following judicial pronouncements: i) 178 ITD 823 (Delhi - Trib.) Smt. Karuna Gargvsf. ITO (pages 340-346 of JPB) affirmed by Hon’ble High Court of Delhi reported in 457 ITR 591 (Del) 19……….. 20. There is no dispute that the shares of the two companies were purchased online, the payments have been made through banking channel, and the shares were dematerialized and the sales have been routed from de-mat account and the consideration has been received through banking channels. 21. A perusal of the assessment order clearly…

Anil Chaudhary, New Delhi vs. ACIT Central Circle-17, New Delhi

In the result, appeals filed by the assessee are allowed

ITA 2935/DEL/2023[2014-15]Status: DisposedITAT Delhi30 Aug 2024AY 2014-15

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharma

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Ms. Amisha Gupt, CIT DR
Section 127Section 143(2)Section 153ASection 153CSection 153DSection 69C

…LLOWING DIKTATS OF INVESTIGATION REPORT IS OTHERWISE TOO UNTENABLE: Reliance is placed on the following judicial pronouncements: i) 178 ITD 823 (Delhi - Trib.) Smt. Karuna Gargvsf. ITO (pages 340-346 of JPB) affirmed by Hon’ble High Court of Delhi reported in 457 ITR 591 (Del) 19……….. 20. There is no dispute that the shares of the two companies were purchased online, the payments have been made through banking channel, and the shares were dematerialized and the sales have been routed from de-mat account and the consideration has been received through banking channels. 21. A perusal of the assessment order clearly…

Smt Pawanben Pannalal Gulecha, Mumbai vs. The ITO, Ward-18(2)(5), Mumbai

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

ITA 2844/MUM/2023[2010-2011]Status: DisposedITAT Mumbai19 Apr 2024AY 2010-2011
Section 10(38)Section 143(3)Section 147Section 148Section 68

…banking channels, contract notes were issued by the broker and the shares were sold on the stock exchange, there is no reason to treat capital gains as unexplained cash credits. Similarly, Hon’ble Delhi High Court in the case of Pr. CIT v. Karuna Garg [2023] 457 ITR 591 (Delhi) [ITA no. 477/2022 judgment dated 23-11-2022] held that mere astronomical increase in the share prices of a company which was not commensurate with the financial parameter of the said company is not a good ground for any kind of adverse inference. Further, Hon’ble Punjab and Haryana High Court in the case of in the case of Pr. CIT v. Prem…

Shri Pannalal Hastimal Gulecha, Mumbai vs. The ITO, Ward-23(2)(7), Mumbai

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

ITA 2228/MUM/2023[2012-13]Status: DisposedITAT Mumbai19 Apr 2024AY 2012-13
Section 10(38)Section 143(3)Section 147Section 148Section 68

…banking channels, contract notes were issued by the broker and the shares were sold on the stock exchange, there is no reason to treat capital gains as unexplained cash credits. Similarly, Hon’ble Delhi High Court in the case of Pr. CIT v. Karuna Garg [2023] 457 ITR 591 (Delhi) [ITA no. 477/2022 judgment dated 23-11-2022] held that mere astronomical increase in the share prices of a company which was not commensurate with the financial parameter of the said company is not a good ground for any kind of adverse inference. Further, Hon’ble Punjab and Haryana High Court in the case of in the case of Pr. CIT v. Prem…

Rohit Devendra Goyal, Mumbai vs. Income Tax Officer-33(3)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 3704/MUM/2023[2014-15]Status: DisposedITAT Mumbai10 Apr 2024AY 2014-15
Section 10(38)Section 68Section 69ASection 69C

…nking channels, contract notes were issued by the broker and the shares were sold on the stock exchange, there is no reason to treat capital gains as unexplained cash credits. Further, Learned Council also referred to the case of Pr. CIT v. Karuna Garg [2023] 457 ITR 591 (Delhi) [ITA no. 477/2022 judgment dated 23-11-2022] to contend that mere astronomical increase in the share prices of a company which was not commensurate with the financial parameter of the said company is not a good ground for adverse inference. Reference was also made to the judgment rendered in the case of Pr. CIT v. Prem Lal Gandhi [2018] 9…