PRINCIPAL COMMISSIONER OF INCOME TAX 5,KOLKATA vs. AMIT KUMAR JAIN

Bench: :

69C of the Income Tax Act, 1961 in the case of assessment for the Assessment Year 2014-15, when such claim was fraudulent and not to be allowed and the assessee has paid Commission outside books for availing the bogus Long Term Capital Gain in the case of the assessee for the Assessment year 2014-15 when such claim

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. M/S PURPLE SUPPLIERS PVT LTD

The appeals are dismissed and the substantial

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS)

disallowances of expenses related to purchases from Sancheti Diamonds Pvt. Ltd. which were "bogus" in nature ? c) WHETHER in facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal was justified in law in not following the binding decision of Hon'ble Supreme Court in case of Priya Blue Industries P Ltd. Vs. ACIT

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. M/S PURPLE SUPPLIERS PVT LTD

The appeals are dismissed and the substantial

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS)

disallowances of expenses related to purchases from Sancheti Diamonds Pvt. Ltd. which were "bogus" in nature ? c) WHETHER in facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal was justified in law in not following the binding decision of Hon'ble Supreme Court in case of Priya Blue Industries P Ltd. Vs. ACIT

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. M/S B L TAK AND SONS HUF

The appeal is allowed and the order passed by the learned Tribunal is set aside and the

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- Hon'Ble Justice Chaitali Chatterjee (Das) Date : 9Th June, 2025.

disallowance of Short Term Capital Loss made by the assessing officer in the order u/s. 143(3) even though the ratio of the decision of the Hon’ble Jurisdictional High Court in the lead case of Pr. CIT vs. Smt. Swati Bajaj squarely covers the issue of bogus Short Term Capital Loss/Long Term Capital Gain from sale of penny stocks

PRINCIPAL COMMISSIONER OF INCOME TAX 9 KOLKATA vs. MRS PREMLATA TEKRIWAL

In the result, the appeals filed by the revenue are

Bench: This Court In Itat/27/2022, Itat/32/2022 And

Section 69C of the Act and pointed out that once it is established that the expenditure is unexplained/bogus, the entire amount of bogus expenditure is 5 to be added to the total income of the assessee. Reliance was placed on the decision of the Hon’ble Supreme Court in N.K.Proteins Vs. DCIT [2017] 84 taxmann.com 195(SC). Further, the PCIT

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. RAGHVENDRA MOHTA

The appeal is dismissed and the substantial questions of

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- Hon'Ble Justice Chaitali Chatterjee (Das) Date : 5Th May, 2025.

Section 143(3) of the Income Tax Act, 1961 on 29.12.2016 purely on technical grounds and deleting the additions of Rs. 42,27,500/- made u/s. 68 and Rs.1,48,657/- made U/s. 69C of the Income Tax Act by disallowing