2022 (6) TMI 1525 - HC - Income Tax

Penny Stock Cases - Identical issue was considered by this Court in the case of Swati Bajaj 2022 (6) TMI 670 - CALCUTTA HIGH COURT wherein all the appeals were allowed HELD THAT - It is not disputed before us on either side that the decision will cover the case on hand. Thus following the decision of Swati Bajaj the appeal is allowed and the substantial question of law which has been suggested is answered in favour of the revenue.

Summary

**Summary of Judgment: Calcutta High Court**The Calcutta High Court, presided over by Hon'ble Justice T.S. Sivagnanam and Hon'ble Justice Hiranmay Bhattacharyya, delivered a judgment concerning appeals filed by the revenue under Section 260A of the Income Tax Act. These appeals challenged the order passed by the Income Tax Appellate Tribunal at Kolkata, focusing on "Penny Stock Cases."The court referenced a prior decision in the case of *Principal Commissioner of Income Tax Five, Kolkata Versus Swati Bajaj* (ITAT/6/2022, IA No. GA/2/2022), dated 14th June 2022, where similar issues were adjudicated. It was acknowledged by both parties that the precedent set in the Swati Bajaj case was applicable to the current appeals.Consequently, the court allowed the appeal, answering the substantial question of law in favor of the revenue. The appeals and related applications were thereby disposed of, following the established precedent.