Batting first, Anantnag Arsenals scored 151 runs in their allotted 20 overs with captain Parvez Rasool scoring a quick-fire 36 runs off 27 balls.
For Shahjahans, Amir Aziz took three wickets for 24 runs from his quota of four overs.
Ahmad Banday (55 runs off 41 balls) and Owais Shah (45 runs off 20 balls) helped Shahjahans chase down the target with 3.2 overs and eight wickets to spare.
The victory for the Shahjahans ensured that the KPL trophy stays in Srinagar as Sherdils, the other team from the summer capital, won the inaugural edition of the tournament last year.
KPL was started last year with the dual aim of promoting cricket and weaning away the youngsters from disruptive to productive activities.
The tournament is jointly organised by Jammu and Kashmir Cricket Association, Youth Service and Sports department and Army.