{"id":59523,"date":"2026-04-17T12:00:24","date_gmt":"2026-04-17T06:30:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-central-v-affluence-commodities-p-ltd-2025-306-taxman-351-sc-editorial-pcit-v-affluence-commodities-p-ltd-2024-161-taxmann-com-476-guj-hc\/"},"modified":"2026-04-17T12:00:24","modified_gmt":"2026-04-17T06:30:24","slug":"pcit-central-v-affluence-commodities-p-ltd-2025-306-taxman-351-sc-editorial-pcit-v-affluence-commodities-p-ltd-2024-161-taxmann-com-476-guj-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-central-v-affluence-commodities-p-ltd-2025-306-taxman-351-sc-editorial-pcit-v-affluence-commodities-p-ltd-2024-161-taxmann-com-476-guj-hc\/","title":{"rendered":"PCIT (Central) v. Affluence Commodities (P.) Ltd. (2025) 306 Taxman 351 (SC) Editorial: PCIT v. Affluence Commodities (P.) Ltd. (2024) 161 taxmann.com 476 (Guj.)(HC)"},"content":{"rendered":"<p>High Court held that the assessee did not sell the entire shareholding and continued to\u00a0<strong>hold a portion of the shares in subsequent years<\/strong><strong>,<\/strong> which militated against the allegation of a colourable device. In view of the concurrent findings of fact by the\u00a0<strong>CIT (A)<\/strong><strong>\u00a0<\/strong>and the\u00a0<strong>Tribunal<\/strong><strong>\u00a0<\/strong>in favour of the assessee, the Court held that\u00a0<strong>no<\/strong> <strong>substantial question of law<\/strong><strong>\u00a0<\/strong>arose for consideration. SLP of revenue dismissed on account of delay of 325 days and merits due to low tax effect. Question of law kept open\u00a0 (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i): Business loss-Penny Stock-Bogus purchses-Genuineness of Transactions-Concurrent findings of fact-Dealy of 325 days-SLP of revenue dismissed on account of delay and merits due to low tax effect-Question of law kept open. [Art. 136] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59523","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fu3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59523"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59523\/revisions"}],"predecessor-version":[{"id":59524,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59523\/revisions\/59524"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}