Pratik Suryakant Shah v. ITO

77 Taxmann.com 260Income Tax Appellate Tribunal2017#2413 most cited

What is Pratik Suryakant Shah v. ITO authority for?

The exemption for long-term capital gains under Section 10(38) is deniable where gains arise from bogus penny stock transactions, if the fraudulent nature is established by the revenue through a preponderance of probability, often involving evidence of price rigging and the role of entry operators. This applies even if documentary evidence like contract notes is presented.

48

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

Pratik Suryakant Shah v. ITO · Section 10(38) · Section 68 · bogus long term capital gain · penny stock · price rigging · entry operator · preponderance of probability · reassessment · Section 147 · retracted statement · paper company

Sections most often in play

Section 68Section 143(3)Section 147Section 148Section 132(4)Section 133(6)Section 153ASection 10(38)

Issues it is cited on

price riggingbogus ltcgbogus long term capital gainpenny stockpreponderance of probabilitypaper companyvaluation of sharessection 10(38)entry operatorlive linkretracted statementlong term capital gains

Judgments citing Pratik Suryakant Shah v. ITO

Shri Jaysukhbhai Nanubhai Dudhat, Ankleshwar vs. The Income Tax Officer, Ward-3, Bharuch

In the result, all appeals of the assesses are allowed

ITA 2677/AHD/2013[2004-05]Status: DisposedITAT Surat16 Nov 2018AY 2004-05

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Appellant: Shri Piyush Chajed, ARFor Respondent: Smt.Smita Nair, Sr.DR
Section 148Section 151

…आयकर अपील"य अ"धकरण। IN THE INCOME TAX APPELLATE TRIBUNAL ‘SURAT’ BENCH, SURAT BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Sr. ITA No. & Name of Appellant Name of Asstt.Year Respondent No. 1-2 2677 and Shri Jaysukhbhai Nanubhai Dudhat ITO, Ward-3 2871/Ahd/2013 Bharuch. C/o.Suyog Dye Chemie P.Ltd. A.Y.2004-05 Plot no.6716-17, GIDC and A.Y.2005- Ankleshwar 393 002. 06 ACHPD 6112 F 3 2679/Ahd/2013 Shri Jayagauri Chandresh Devani ITO, Ward-3 A.Y.2004-05 C/o.Sahyog Chemical Pvt.Ltd. Bharuch. Plot no.C1B/7004, GIDC Ankleshwar 393 001. PAN : ACHPD 6116 B 4-5 2678 and Shri Himatbha…

Smt. Madhu Killa, Kolkata vs. ACIT, Circle - 36, Kolkata

In the result, appeal of assessee is allowed

ITA 834/KOL/2018[2014-15]Status: DisposedITAT Kolkata02 Nov 2018AY 2014-15

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am]

Section 10(38)

…1 Madhu Killa. AY 2014-15 आयकर अपील"य अधीकरण, "यायपीठ – “A” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA (सम")Before "ी ऐ. ट". वक", "यायीक सद"य एवं/and "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, JM & Shri M. Balaganesh, AM] I.T.A. No. 834/Kol/2018 Assessment Year: 2014-15 Smt. Madhu Killa Vs. Assistant Commissioner of Income-tax, (PAN: AGOPK0403H) Circle-36, Kolkata. Appellant Respondent Date of Hearing 25.09.2018 Date of Pronouncement 02.11.2018 For the Appellant Shri S. M. Surana, Advocate For the Respondent Shri Sandeep Lakra, Addl. CIT, Sr. DR ORDER Per Shri A.T.Varkey, J…

Rukmini Devi Manpuria, Kolkata vs. DCIT(It), Circle - 2(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1724/KOL/2017[2014-15]Status: DisposedITAT Kolkata24 Oct 2018AY 2014-15

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 1724/Kol/2017 Assessment Year : 2014-15 Rukmini Devi Manpuria -Vs- Dcit(It), Circle-2(1), Kolkata [Pan: Axapm 3836 H ] (Appellant) (Respondent)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Robin Chowdhury, Addl. CIT Sr. DR
Section 10(38)Section 11(1)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : KOLKATA [Before Hon’ble Shri A T Varkey, JM, & Shri M.Balaganesh, AM] I.T.A No. 1724/Kol/2017 Assessment Year : 2014-15 Rukmini Devi Manpuria -vs- DCIT(IT), Circle-2(1), Kolkata [PAN: AXAPM 3836 H ] (Appellant) (Respondent) For the Appellant : Shri Subash Agarwal, Advocate For the Respondent : Shri Robin Chowdhury, Addl. CIT Sr. DR Date of Hearing : 09.10.2018 Date of Pronouncement : 24.10.2018 ORDER Per M.Balaganesh, AM 1. This appeal by the Assessee arises out of the order of the Learned Commissioner of Income Tax(Appeals)-22, Kolkata [in short the ld…

Sunita Khemka, New Delhi vs. ACIT, Central Circle- 15, Jhandewalan Extn., New Delhi

In the result, Appeal of assessee is allowed

ITA 389/DEL/2018[2014-15]Status: DisposedITAT Delhi02 Aug 2018AY 2014-15

Bench: Shri Bhavnesh Saini

For Appellant: Shri Raj Kumar, C.A. &For Respondent: Shri S.L. Anuragi, Sr. D.R
Section 10Section 10(38)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “SMC” : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.No.389/Del./2018 Assessment Year 2014-2015 Smt. Sunita Khemka, The ACIT, CC-15, 5A/4B, Ansari Road, vs Jhw. Extension, Darya Ganj, New Delhi New Delhi. PIN 110 002. PAN ABGPK4707P (Appellant) (Respondent) For Assessee : Shri Raj Kumar, C.A. & Shri Sumit Goel, C.A. For Revenue : Shri S.L. Anuragi, Sr. D.R. Date of Hearing : 12.07.2018 Date of Pronouncement : 02.08.2018 ORDER This appeal by assessee has been directed against the order of the Ld. CIT(A)-XXVI, New Delhi, dated 28.12.2017, for the A…

Shikha Dhawan, Gurgaon vs. ITO, Ward- 4(2), Gurgaon

In the result, the appeal of the assessee is allowed

ITA 3035/DEL/2018[2014-15]Status: DisposedITAT Delhi27 Jun 2018AY 2014-15

Bench: Sh.Bhavnesh Saini[Assessment Year: 2014-15] Vs Smt. Shikha Dhawan, Ito, C-101, Centre Park, Ward-4(2), Sector-42, Gurgaon. Gurgaon. Pan-Ccbps1718L (Appellant) (Respondent) Appellant By Sh. Gautam Jain & Sh. Peeyush Kamal, Advocate Respondent By Sh. S.L.Anuragi, Sr.Dr Date Of Hearing 11.06.2018 Date Of Pronouncement 27.06.2018

Section 10(38)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “SMC”, NEW DELHI BEFORE SH.BHAVNESH SAINI, JUDICIAL MEMBER [Assessment Year: 2014-15] vs Smt. Shikha Dhawan, ITO, C-101, Centre Park, Ward-4(2), Sector-42, Gurgaon. Gurgaon. PAN-CCBPS1718L (Appellant) (Respondent) Appellant by Sh. Gautam Jain & Sh. Peeyush Kamal, Advocate Respondent by Sh. S.L.Anuragi, Sr.DR Date of Hearing 11.06.2018 Date of Pronouncement 27.06.2018 ORDER PER BHAVNESH SAINI, JUDICIAL MEMBER This appeal by the assessee has been directed against the order of Ld.CIT(A)- 1, Gurgaon dated 09.03.2018 for AY 2014-15 on the following grounds:- 1.…

Kiran Kothari HUF, Kolkata vs. ITO, Ward 35(3), Kolkata

In the result the appeal of the assessee is allowed

ITA 443/KOL/2017[2013-14]Status: DisposedITAT Kolkata15 Nov 2017AY 2013-14

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 10(38)Section 133ASection 68

…आयकर अपील"य अधीकरण, "यायपीठ – “D” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH: KOLKATA (सम")Before "ी ऐ. ट". वक", "यायीक सद"य एवं/and डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, JM & Dr. A. L. Saini, AM] आयकर अपील सं"या / I.T.A No. 443/Kol/2017 "नधॉरण वषॅ/Assessment Year: 2013-14 Kiran Kothari, (HUF) Vs. Income-tax Officer, Wd-35(3), Kolkata (PAN: AAGHK 9024 E) (अपीलाथ"/Appellant) (""यथ"/Respondent) Date of Hearing 01.09.2017 Date of Pronouncement 15.11.2017 Shri Miraj D.Shah For the Appellant/ अपीलाथ" Shri Sallong Yaden, Addl. CIT, DR For the Respondent/ ""यथ" आदेश/ORDER Per Shri A…

Mahendra Kumar Baid, Kolkata vs. ACIT Circle 35, Kolkata

In the result, the appeal of the assessee in ITA No

ITA 1237/KOL/2017[2014-15]Status: DisposedITAT Kolkata18 Aug 2017AY 2014-15

Bench: Hon’Ble Shri A.T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1236/Kol/2017 Assessment Year : 2014-15 Manish Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Ahmpb 3024 E] (Appellant) (Respondent) I.T.A No. 1237/Kol/2017 Assessment Year : 2014-15 Mahendra Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Aejpb 7691 C] (Appellant) (Respondent)

For Appellant: Shri A.K. Tibrewal, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 10(38)Section 143(3)Section 14ASection 234ASection 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri A.T. Varkey, JM & Shri M.Balaganesh, AM ] I.T.A No. 1236/Kol/2017 Assessment Year : 2014-15 Manish Kumar Baid -vs- ACIT, Cir-35, Kolkata [PAN: AHMPB 3024 E] (Appellant) (Respondent) I.T.A No. 1237/Kol/2017 Assessment Year : 2014-15 Mahendra Kumar Baid -vs- ACIT, Cir-35, Kolkata [PAN: AEJPB 7691 C] (Appellant) (Respondent) For the Appellant : Shri A.K. Tibrewal, FCA Shri Amit Agarwal, Advocate For the Respondent : Shri Sallong Yaden, Addl. CIT Date of Hearing : 10.08.2017 Date of Pronouncement : 18.08.2017 ORDER Per M.Balag…

Manish Kumar Baid, Kolkata vs. ACIT Circle 35, Kolkata

In the result, the appeal of the assessee in ITA No

ITA 1236/KOL/2017[2014-15]Status: DisposedITAT Kolkata18 Aug 2017AY 2014-15

Bench: Hon’Ble Shri A.T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1236/Kol/2017 Assessment Year : 2014-15 Manish Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Ahmpb 3024 E] (Appellant) (Respondent) I.T.A No. 1237/Kol/2017 Assessment Year : 2014-15 Mahendra Kumar Baid -Vs- Acit, Cir-35, Kolkata [Pan: Aejpb 7691 C] (Appellant) (Respondent)

For Appellant: Shri A.K. Tibrewal, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 10(38)Section 143(3)Section 14ASection 234ASection 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri A.T. Varkey, JM & Shri M.Balaganesh, AM ] I.T.A No. 1236/Kol/2017 Assessment Year : 2014-15 Manish Kumar Baid -vs- ACIT, Cir-35, Kolkata [PAN: AHMPB 3024 E] (Appellant) (Respondent) I.T.A No. 1237/Kol/2017 Assessment Year : 2014-15 Mahendra Kumar Baid -vs- ACIT, Cir-35, Kolkata [PAN: AEJPB 7691 C] (Appellant) (Respondent) For the Appellant : Shri A.K. Tibrewal, FCA Shri Amit Agarwal, Advocate For the Respondent : Shri Sallong Yaden, Addl. CIT Date of Hearing : 10.08.2017 Date of Pronouncement : 18.08.2017 ORDER Per M.Balag…