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1 - 10 of 26 (0.31 seconds)Section 131 in The Income Tax Act, 1961 [Entire Act]
Section 133A in The Income Tax Act, 1961 [Entire Act]
Section 153A in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
The Securities and Exchange Board of India Act, 1992
Section 147 in The Income Tax Act, 1961 [Entire Act]
Sumati Dayal vs Commissioner Of Income-Tax, Bangalore on 28 March, 1995
8. The learned CIT (A) after considering the relevant
submission of the assessee and also by following certain judicial
precedents observed that the findings recorded by the Assessing
Officer on analysis of financial position of SCIL which clearly
indicates that there was no force for such a magical increase in
Page 11 of 33
ITA 707 & 405 of 2020 Subhash Kumar Kedia & Other
the price of scripts. The Assessing Officer has also referred to the
statement of various persons, all of whom admitted to be
providing accommodation entries. The SEBI suspended share
trading activity of this company for various violations. All these
facts cumulatively took to the irresistible conclusion of the non-
genuineness of the transaction of Long-Term Capital Gain as
declared by the assessee. The fantastic sale price was not at all
possible as there was no economic or financial position to justify
the price rise. It is clearly proved that the assessee had involved in
a dubious sale transaction to account for the undisclosed income
in the garb of Long-Term Capital Gain. Therefore, following certain
judicial precedents including the decision of the Hon'ble Delhi
High Court in the case of Suman Poddar vs. Income Tax Officer in
ITA No.841/2019 order dated 17/09/2019 and also the decision
of the Hon'ble Supreme Court in the case of Sumati Dayal vs. CIT
(1995) (214 ITR 801) (S.C) rejected the explanation of the assessee
and sustained the additions made by the Assessing Officer
towards the consideration received for sale of shares u/s 68 of the
I.T. Act, 1961.
Preethi Rathi , Hyderabad vs Income Tax Officer, Ward-5(1), ... on 5 April, 2021
16. The assessee had also relied upon the decision of the
Coordinate Bench of the ITAT Hyderabad Bench in the case of
Aditya Mundada vs. Income Tax Officer in ITA No.631/Hyd/2023
dated 25/-09/2024, The Coordinate Bench of the ITAT has
considered an identical issue of purchase and sale of shares of
penny stock company in light of investigations carried out by the
Directorate of Investigation, Kolkata and observations made by
the Assessing Officer in light of the order passed by the SEBI
suspending the trading of shares of said company and held as
under:
Durga Prosad More vs Commissioner Of Income-Tax, West ... on 20 December, 1967
8. The Ld. CIT(A) erred in relying on the Supreme Court
decisions in the case of Sumati Dayal v. CIT and Durga
Prasad More v. CIT which are distinguishable on facts and
in holding that the Assessing Officer had rightly made the
addition u/s 68 of the Act for Rs. 547,80,269/-.