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Vikas Malu, Uae vs Dcit, Central Circle-30, New Delhi on 13 September, 2024 cites

Principal Commissioner Of Income Tax 11 vs Rajesh Bajaj (D) Th. Lrs Smt. Sapna Bajaj on 3 November, 2017

In rejoinder, the ld. Counsel for the assessee referred to the judgment of the Co-ordinate Bench in the case of ACIT vs. Priyanka Ankit Miglani (ITA No.2530/MUM/2021 and Ors. order dated 21.03.2023 wherein the decision was rendered in favour of the assessee after taking note of the judgment delivered in the case of Swati Bajaj (supra). The Ld. Counsel thus firmly asserted that the revenue authorities have proceeded on skewed understanding of facts and law ITA No.817 & 818/Del/2023 8 involved in the case.
Supreme Court - Daily Orders Cites 0 - Cited by 21 - Full Document

Principal Comissioner Of Income Tax 12 vs Krishna Devi on 1 April, 2022

13. On appraisal of facts, it appears that the impugned additions are driven by stereotyped perceptions rather than actual facts. Needless to say, there is no straight jacket formula to determine the bonafides. The price abuse of some sort must be in evidence while holding against the assessee. In the present case, there is no material on record to attribute any concerted action involving assessee giving rise the steep rise in the price of shares. A peculiar pattern of transaction may, at times, raises a red flag. In the same vain, any such suspicion is mother of enquiry but a mere suspicion however cannot take place of the proof. The AO has ITA No.817 & 818/Del/2023 9 not made any enquiry with connected parties, broker, Stock Exchange to establish the involvement of the assessee in alleged price rigging in any manner. Balance- sheet test of the company under sale, by itself is not sufficient to disprove the transaction as held in the case of Krishna Devi (supra). It is common knowledge that there are many listed cos. prevalent which attract huge valuations in the market totally disconnected to underlying financial strength. It is also common knowledge that unsuspecting investor do unwittingly invest in penny stocks listed for trading. Thus, the allegations made are required to be seen contextually and with great degree of skepticism and diligence.
Supreme Court - Daily Orders Cites 0 - Cited by 5 - Full Document
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