Kishan Maheshwari , Jalpaiguri V. I.T.O.,Ward-1(2), Jalpaiguri

ITA 1062/KOL/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 9836 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 3 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 06-05-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 68

Judgement Text

आयकर अपील य अ धकरण, कोलकाता पीठ ‘एसएमसी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH: KOLKATA ी राजेश क ु मार, लेखा सद य एवं ी संजय शमा या यक सद यके सम [Before Shri Rajesh Kumar, Accountant Member& Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1060/Kol/2019 आयकर अपील सं या–1060/कोल/2019 Assessment Year : 2014-15 नधा रण वष ः 2014-15 Kusum Maheswari (PAN: AFAPM 7262 H) Vs. ITO, Ward-1(2), Jalpaiguri Appellant / (अपीलाथ() Respondent / (*+यथ() I.T.A. No. 1061/Kol/2019 आयकर अपील सं या–1061/कोल/2019 Assessment Year : 2014-15 नधा रण वष ः 2014-15 Santi Devi Maheswari (PAN: ADQPM 9566 L) Vs. ITO, Ward-1(4), Jalpaiguri Appellant / (अपीलाथ() Respondent / (*+यथ() I.T.A. No. 1062/Kol/2019 आयकर अपील सं या–1062/कोल/2019 Assessment Year : 2014-15 नधा रण वष ः 2014-15 Kishan Maheswari (PAN: APAPM 1372 C) Vs. ITO, Ward-1(2), Jalpaiguri Appellant / (अपीलाथ() Respondent / (*+यथ() I.T.A. No. 1063/Kol/2019 आयकर अपील सं या–1063/कोल/2019 Assessment Year : 2014-15 नधा रण वष ः 2014-15 Sarita Maheswari (PAN: ADUPM 3662 P) Vs. ITO, Ward-1(4), Jalpaiguri Appellant / (अपीलाथ() Respondent / (*+यथ() 2 I.T.A. Nos.1060 to 1064/Kol/2019 Assessment Year: 2014-15 Kusum Maheswari & Ors. I.T.A. No. 1064/Kol/2019 आयकर अपील सं या–1064/कोल/2019 Assessment Year : 2014-15 नधा रण वष ः 2014-15 Prabhudayal Maheswari (HUF) (PAN: AACHP 7613 J) Vs. ITO, Ward-1(2), Jalpaiguri Appellant / (अपीलाथ() Respondent / (*+यथ() Date of Hearing / स ु नवाई क- त/थ 29.08.2022 Date of Pronouncement/ आदेश उ1घोषणा क- त/थ 06.09.2022 For the Appellant/ नधा 3रती क- ओर से Arpita De, A.R For the Respondent/ राज व क- ओर से Smt. Ranu Biswas, Addl. CITDR ORDER / आदेश Per Shri Rajesh Kumar, AM: These are the appeals preferred by the different assessees against the separate orders of the Ld. Commissioner of Income Tax(Appeals)-Jalpaiguri (hereinafter referred to as the Ld. CIT(A)”] dated 12.03.2019 & 26.02.2019 for the AY 2014-15. 2. The sole issues raised in various grounds of appeal are relating to the disallowance of claim of exemption u/s 10(38) in respect of long-term capital gains arising from the sale of equity shares. 3. At the outset, we note that the issues are relating to the penny stock and the same are squarely covered against the assessee by the recent decision of the Calcutta High Court vide common order dated 14.06.2022 in a batch of 90 appeals with a lead case titled as PCIT vs. Swati Bajaj in IA No.GA/2/2022 and Others. We also note that 3 I.T.A. Nos.1060 to 1064/Kol/2019 Assessment Year: 2014-15 Kusum Maheswari & Ors. the facts and issues involved in the above appeals of the assessees are similar to that as was before the Hon’ble Calcutta High Court. The Hon’ble Calcutta High Court vide its decision dated 14.06.2022 (supra) has affirmed the additions made by the Assessing Officer u/s 68 of the Income Tax Act in respect of bogus long-term capital gains. In view of this, the appeals of the assessee are hereby dismissed. 4. In the result, all the appeals of the assessees stand dismissed. Order is pronounced in the open court on 6 th September, 2022 Sd/- Sd/- (Sonjoy Sarma /संजय शमा ) (Rajesh Kumar/राजेश क ु मार) Judicial Member/ या यक सद य Accountant Member/लेखा सद य Dated: 6 th September, 2022 SB, Sr. PS Copy of the order forwarded to: 1. Appellant- i) Kusum Maheswari ii) Santi Devi Maheswari iii) Kishan Maheswari iv) Sarita Maheswari v) Prabhudayal Maheswari (HUF) all are residing at C/o, Radha Kishan Ashok Kumar, Dinbazar, Jalpaiguri-735101 2. Respondent – i) ITO, Ward-1(2), Jalpaiguri ii) ITO, Ward-1(4), Jalpaiguri 3. Ld. CIT(A)- Jalpaiguri 4. Pr. CIT- , Kolkata 5. DR, Kolkata Benches, Kolkata (sent through e-mail) True Copy By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata