Principal Commissioner Of Income Tax vs Shri Sanwar Mal Sharma
2025 Latest Caselaw 6903 Jhar

Jharkhand High Court

Principal Commissioner Of Income Tax vs Shri Sanwar Mal Sharma on 17 November, 2025

Author: Rajesh Shankar

Bench: Rajesh Shankar

                IN THE HIGH COURT OF JHARKHAND AT RANCHI
                            Tax Appeal No. 3 of 2025
               Principal Commissioner of Income Tax, Ranchi        ... Appellant
                                         Versus
               Shri Sanwar Mal Sharma ...            ... ...      ...    ...   Respondent
                                         ---------

               CORAM:             HON'BLE THE CHIEF JUSTICE
                            HON'BLE MR. JUSTICE RAJESH SHANKAR
                                         ---------
               For the Appellant:        Mr. Kumar Vaibhav, Sr. S.C.
               For the Respondent:       Ms. Neha Pandey, Advocate
                                         ---------
               04/Dated: 17.11.2025

1. This appeal is admitted on the following questions of law:

(i) Whether in the facts and circumstances of the case and in

law, the learned Tribunal has erred in deleting the addition of

Rs.26,29,968/- made by the Assessing Officer after treating

the claim of LTCG exemption under section 10(38) of the Act

as bogus on the strength of the detailed investigations carried

out by the Assessing Officer himself during the course of the

assessment as well as by the Investigation Directorate,

Kolkata, earlier?

(ii) Whether in the facts and circumstances of the case and in

law, the learned Tribunal has erred in relying solely on the

judgment of the Hon'ble Jurisdictional High Court in the case

of CIT v. Arun Kumar Agarwal (HUF) where the facts of the

case were clearly and eminently distinguishable?

(iii) Whether in the facts and circumstances of the case and in

law, the judgment of the learned Tribunal suffers from

perversity as the learned Tribunal has ignored the collusive

dealings of the Assessee and the Stock Brokers for the

purpose of staking a bogus and pre-arranged claim of LTCG

benefit under section 10(38) of the Act?

2. List this case on 08.12.2025 under the heading 'For Hearing'.

(Tarlok Singh Chauhan, C.J.)

(Rajesh Shankar, J.) November 17, 2025 Manoj/Pramanik/Cp.1