Sunita Goenka, Burdwan V. I.T.O.,Ward-3(1), Asansol

ITA 2287/KOL/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 3532 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 9 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-07-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 15-10-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 68; 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Shri Rajesh Kumar, Accountant Member I.T.A. No.2123/Kol/2019 Assessment Year: 2015-16 Sweta Vikas Jhawar.................................................................................Appellant E-9, Salt Lake City, Sector-1, Kolkata-64. [PAN: AGQPM3269F] vs. ITO, Ward-50(3), Kolkata...............................................................Respondent Appearances by: Shri Sunil Surana, AR, appeared on behalf of the appellant. Shri Manas Mondal, Addl. CIT-DR, appeared on behalf of the Respondent. I.T.A. No.1669/Kol/2019 Assessment Year: 2015-16 Lalit Kumar Kedia.................................................................................Appellant C/o Subash Agarwal & Associates, Advocates, Siddha Gibson, 1, Gibson Lane, Suite 213, 2 nd Floor, Kolkata-700069. [PAN:AFLPK2604J] vs. ITO, Ward-35(3), Kolkata...............................................................Respondent Appearances by: None appeared on behalf of the appellant. Shri Manas Mondal, Addl. CIT-DR, appeared on behalf of the Respondent. I.T.A. No.1802/Kol/2019 Assessment Year: 2014-15 Spectron Stock & Shares (P) Ltd..........................................................Appellant GD-278, Salt lake City, Sector-III, Kolkata- 700106. [PAN: AADCR2123F] vs. ITO, Ward-6(4), Kolkata...............................................................Respondent Appearances by: None appeared on behalf of the appellant. Shri Manas Mondal, Addl. CIT-DR, appeared on behalf of the Respondent. I.T.A. No.2123/Kol/2019 Sweta Vikas Jhawar I.T.A. No.1669/Kol/2019 Lalit Kumar Kedia I.T.A. No.1802/Kol/2019 Spectron Stock & Shares (P) Ltd I.T.A. No.2287/Kol/2019 Sunita Goenka 2 I.T.A. No.2287/Kol/2019 Assessment Year: 2014-15 Sunita Goenka.....................................................................................Appellant C/o Ram Kr. Goenka, 10, Sastigoria, P.O-Raniganj-713347, Dist.Paschim Burdwan, W.B. [PAN: AIJPG3350N] vs. ITO, Ward-3(1), Kolkata...............................................................Respondent Appearances by: None appeared on behalf of the appellant. Shri Manas Mondal, Addl. CIT-DR, appeared on behalf of the Respondent. Date of concluding the hearing : July 25, 2022 Date of pronouncing the order : July 25, 2022 ORDER Per Bench: The captioned appeals have been preferred by the different assessees against the separate orders of the Commissioner of Income Tax (Appeals), Kolkata [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’). Since the common issue relating to claim of gain/loss in respect of transactions in penny stock is involved in these appeals, hence these appeals have been heard together and are being disposed off by this common order. ITA No.2123/Kol/2019 is taken as the lead case. 2. ITA No.2123/Kol/2019 - At the outset, the ld. Counsel for the assessee has been fair enough to state that since the issue involved in this appeal is relating to the penny stock and the same is 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. The ld. Counsel has submitted that the facts and issue involved in the above appeal of the assessee are identical to that were before the Hon’ble Calcutta High Court. The Hon’ble Calcutta I.T.A. No.2123/Kol/2019 Sweta Vikas Jhawar I.T.A. No.1669/Kol/2019 Lalit Kumar Kedia I.T.A. No.1802/Kol/2019 Spectron Stock & Shares (P) Ltd I.T.A. No.2287/Kol/2019 Sunita Goenka 3 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 appeal of the assessee is hereby dismissed. 3. Since the facts and issues involved in all these appeals are also identical to that have been discussed above in ITA No.2123/Kol/2019, hence following the same analogy, all the captioned appeals are hereby dismissed. 4. In the result, all the appeals of the assessees stand dismissed. Kolkata, the 25 th July, 2022. Sd/- Sd/- [Rajesh Kumar] [Sanjay Garg] Accountant Member Judicial Member Dated: 25.07.2022. RS Copy of the order forwarded to: 1. (i) Sweta Vikas Jhawar (ii) Lalit Kumar Kedia (iii) Spectron Stock & Shares (P) Ltd (iv) Sunita Goenka 2. (i) ITO, Ward-50(3), Kolkata (ii) ITO, Ward-35(3), Kolkata (iii) ITO, Ward-6(4), Kolkata (iv) ITO, Ward-3(1), Kolkata 3. CIT (A)- 4. CIT- , 5. CIT(DR), //True copy// By order Assistant Registrar, Kolkata Benches