TMI Blog2019 (2) TMI 1940X X X X Extracts X X X X X X X X Extracts X X X X ..... of Contract Notes etc. The proposition of law laid down in various cited case laws by the Jurisdictional High Court as well as by the ITAT Kolkata on these issues are in favour of the assessee. - I.T.A. No. 1714/Kol/2018 - - - Dated:- 1-2-2019 - Sri J. Sudhakar Reddy, J. Appellant: Shri Miraj D. Shah, AR, Respondent: Shri Robin Choudhury, Addl. CIT DR ORDER J. Sudhakar Reddy, J. This appeal is filed by the assessee and is directed against the order of the ld. Commissioner of Income Tax (Appeals) - 10, Kolkata (hereinafter the ld. CIT (A) ), passed u/s 250 of the Income Tax Act, 1961 (the Act ), dated 10/05/2018. 2. The sole issue that arises for my adjudication is whether the Assessing Officer was righ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee. Copy of the report was also not given. 4. The ld. D/R, submitted that the transaction was not genuine. He argued that the entire capital gain was stage managed by a few operators and investors. He relied on the order of ld. Assessing Officer and argued that the same be upheld. He relied on the order of the Chennai A Bench of the Tribunal in the case of M/s. Pankaj Agarwal Sons (HUF) vs. ITO in ITA No. 1413 to 1420/CHNY/2018; order dt. 06/12/2018, for the proposition that such capital gains have to be brought to tax. He also relied on the judgment of the Hon ble Bombay High Court in the case of Sanjay Bimalchand Jain vs. Principal Commissioner of Income-tax-1, Nagpur; [2018] 89 taxmann.com 196 (Bombay) and the decision of the Sm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2017 Navneet Agarwal vs. ITO 20.07.2018 8. ITA No.456 of 2007 Bombay High Court CIT vs. Shri Mukesh Ratilal Marolia 07.09.2011 9. ITA No.95 of 2017 (O M) PCIT vs. Prem Pal Gandhi 18.01.2018 10. ITA No.1089/Kol/2018 Sanjay Mehta 28.09.2018 6. Regarding the case laws relied upon by the ld. Departmental Representative, I find that, in the case of M/s. Pankaj Agarwal Sons (HUF)(supra), the issue was decided against the assessee for the reason that, the assessee could not justify his claim as gen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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