“price rigging”

Surendra Rameshwardas Gadodia, Mumbai vs. National Faceless Assessment Centre, New Delhi

In the result, the addition of total amount of Rs

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

transactions status and MCA website details of the company. The AO has doubted the purchase and sale of shares and observed that the price rigging is not commensurate with the financials of the assessee company. The assessee has substantiated with all details and information and the revenue could not make

Dharmendra Jayantilal Shah, Mumbai vs. ACIT-31(1), Mumbai

In the result, both the appeals of the assessee are allowed

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawal

present case, Revenue has not brought on record any material about participation of the assessee with any such dubious transactions relating to accommodation entry, price rigging or exit providers. To our mind, Ld. AO could have taken an adverse view only if he could point out the discrepancies or insufficiency ... consideration of the impugned transaction cannot be sustained. In our considered view, ld. Assessing Officer has not established that the assessee was involved in price rigging. 11. We note that ld. Assessing Officer has observed about the so called purchasers of shares sold by the assessee who have not been

Dharmendra Jayantilal Shah, Mumbai vs. ACIT-31(1), Mumbai

In the result, both the appeals of the assessee are allowed

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawal

present case, Revenue has not brought on record any material about participation of the assessee with any such dubious transactions relating to accommodation entry, price rigging or exit providers. To our mind, Ld. AO could have taken an adverse view only if he could point out the discrepancies or insufficiency ... consideration of the impugned transaction cannot be sustained. In our considered view, ld. Assessing Officer has not established that the assessee was involved in price rigging. 11. We note that ld. Assessing Officer has observed about the so called purchasers of shares sold by the assessee who have not been

ACIT-19(1), Mumbai vs. Adihemshree Financial, Rockside Apartment

In the result, all the appeals filed by the revenue are dismissed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

neither the broker of the assessee was examined nor his name is surfaced in any of the Investigation Report. 15. In our considered opinion, price rigging is done to rig the benefit by purchasing the shares at a meagre prices and selling them at a very exorbitant and high prices

ACIT-19(1), Mumbai vs. Adihemshree Financial, Mumbai

In the result, all the appeals filed by the revenue are dismissed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

neither the broker of the assessee was examined nor his name is surfaced in any of the Investigation Report. 15. In our considered opinion, price rigging is done to rig the benefit by purchasing the shares at a meagre prices and selling them at a very exorbitant and high prices

ACIT-19(1), Mumbai vs. Adihemshree Financial, Mumbai

In the result, all the appeals filed by the revenue are dismissed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

neither the broker of the assessee was examined nor his name is surfaced in any of the Investigation Report. 15. In our considered opinion, price rigging is done to rig the benefit by purchasing the shares at a meagre prices and selling them at a very exorbitant and high prices

Ketan Harilal Mehta HUF by Its Karta Ketan H Mehta, Mumbai vs. ITO Ward-33(2)(2) Mumbai Presently Juridiction With ITO 42(1)(1) Mumbai, Mumbai

In the result, the appeal filed by the assessee is allowed

Bench: Shri B R Baskaran & Shri Pavan Kumar Gadaleketan Harilal Mehta Huf Vs. Ito-42(1)(1), (By Its Karta Kautilya Bhavan, Ketanmehta)No.B/1101, Bkc,Bandra(E), Siddhi Vinayak Tower, Mumbai-400051. Opp Phoenix Hospital, Chikuwadi, Mumbai-400092. Pan/Gir No. : Aaehk3266N Appellant .. Respondent Appellant By : Shri. Nishit Gandhi.Ar Respondent By : Shri. P.D. Chougule.Sr.Dr Date Of Hearing 02.04.2024 Date Of Pronouncement 03.06.2024 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac)(Cit(A)) Delhi Passed U/Sec 143(3) & U/Sec250 Of The Income Tax Act. The Assessee Has Raised The Following Grounds Of Appeal:

genuineness of the transaction. The Ld.AR emphasized that the assessee is only an investor and was not involved in the price rigging of shares and no enquiry was conducted by the SEBI and BSE against the assessee and relied on the submissions made before the lower authorities and judicial decisions ... purchase of shares. The Tribunal has also come to a finding that there is no allegation against assessee that it has participated in any price rigging in the market on the shares of RFL. 3. Therefore we find nothing perverse in the order of the Tribunal. 4. Mr. Walve placed

Shaily Prince Goyal, Mumbai vs. Income Tax Officer-27(3)(1), Navi Mumbai

In the result, the appeal of the assessee Shri Yogesh Popatlal Thakkar in ITA No

purchase of shares. The Tribunal has also come to a finding that there is no allegation against assessee that it has participated in any price rigging in the market on the shares of RFL. 3. Therefore we find nothing perverse in the order of the Tribunal. 4. Mr. Waive placed ... were traded on the floor of the stock exchange and all the transactions were in the knowledge of stock exchange. b. The so-called price rigging in the shares of Blazon Marble Ltd. was never in the knowledge of the assessee The shares of the said company were traded

Income Tax Officer-42(1)(2), Mumbai, Kautilya Bhawan vs. Dheeraj Babulal Shah, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawalassessment Year: 2012-13

allegations of any nature either by SEBI or any other law enforcement agency or the investigation wing of the Department for any manipulation or price rigging. It was also submitted that the said broker had not been alleged by any law enforcement agency being part of any cartel or group ... present case, Revenue has not brought on record any material linking the assessee with any such dubious transactions relating to accommodation entry, price rigging or exit providers. 11. On a perusal of the record, it is discernible that ld. Assessing Officer had proceeded on the basis of analysis

Shri Nilesh Haresh Parwani, Mumbai vs. The Assistant Commissioner of Income Tax-22(2), Mumbai

In the result, the appeal of the assessee is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhshri Nilesh Haresh Vs. The Assistant Parwani, 501, Chumchum Commissioner Of Income Saraswati Road, Tax-22 (2) Santacruz West, Room No. 315, Piramal Mumbai – 400 064 Chamber, Lalbaug, Mumbai – 400 012 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Angpp1224L Appellant .. Respondent Appellant By : Sanjay Parikh Respondent By : Anil Sant Date Of Hearing 08.03.2024 Date Of Pronouncement 15.05.2024 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assessee Is Directed Against The Order Passed By The Ld. Cit(A) Nfac For A.Y. 2014-15. The Assessee Has Raised The Following Grounds Before Us: “A. Addition/Disallowance Of Short Term Capital Loss Rs.1,62,91,466/- 1. The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Cit(A)] Erred On Facts & In Law In Confirming The Addition/Disallowance Of Short Term Capital Loss Of Rs. 1,62,91,466/- As Made By The Assistant Commissioner Of Income Tax, 22(2), Mumbai (Ao). 2. While Confirming The Addition/Disallowance Of The Said Loss, The Learned Cit(A) Erred In Holding That The Appellant Had Not Made Out A Case As To How Such Huge Ltcg/Stcl Has Accrued To The Appellant From Shares Of The Company Named Global Infratech Ltd.

results were circulated. The report mentions 22 entities who are brokers who were covered in the investigation involved in the purchase/sale and price rigging of the penny stocks of the 84 companies. The report states that it is pertinent to note that the list includes some of the big names ... difficult to get direct information or evidence with regard to the prior meeting of minds of the persons involved in the manipulative activities of price rigging and insider trading...... a holistic approach is required to be made and the test of preponderance of probabilities have to be applied and while

Vinisha Jitendra Adnani, Mumbai vs. ITO Ward 23(3), Mumbai

In the result, based on the above factual observations, proceedings carried out by the AO and further confirmed by the Ld

Bench: Shripavan Kumar Gadale & Shri Gagan Goyalvinisha Jitendra Adnani, 101/104, 1St Floor, Spenta, 3 Road, Khar West, Mumbai-400 052 Pan:Adhpa0316M ...... Appellant Vs. Nfac/Ito Ward 23(3)(6), Earnest House, Mumbai. ..... Respondent

same assessment order, the AO is discussing the scrip of Jolly Plastic Ltd. and its ban by SEBI, being a penny stock involved in price rigging to provide artificial Long-Term Capital Gain/ Short Term Capital Loss vide para 5.2 of the assessment order; 3. The assessing officer discussed

Nawal Basudeo Agarwal, Mumbai vs. National Faceless Appeal Centre (NFAC), Delhi

In the result, the appeal filed by the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

investigation was relied and no independent inquiry was conducted.The Ld. AR emphasized that the assessee is only investor and was not involved in any price rigging of shares. The Ld. AR relied on the fallowing judicial decisions in support of submissions: 1. The High Court Of Delhi, Principal Commissioner ... justified in taking an adverse view against the assessee on the ground of abnormal price rise of the shares and alleging price rigging. It was submitted that there is no allegation in orders of SEBI and/or the enquiry report of the Investigation Wing to the effect that the assessee

Surendrakumar Balakishandas Agarwal, Mumbai vs. ITO Ward-19(3)(1), Mumbai

In the result, the appeal filed by the assessee is allowed

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

ordinary investor in shares and it was not shown that the assessee was a part of the group, which was involved in the alleged prices rigging of the shares. Accordingly he submitted that the tax authorities are not justified in disbelieving the transactions of shares carried on by the assessee ... shares. The Tribunal has also come to a finding that there is no allegation against the assessee that it has participated in any price rigging in the market on the shares of RFL. 3. Therefore we find nothing perverse in the order of the Tribunal. 4. Mr. Walve placed reliance

Sunita Motilal Sinha, Mumbai vs. ITO 25(1)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

cited above shall apply to the facts of the present case, since the AO has not established that the assessee was also involved in price rigging and further the AO did not find fault with any of the documents furnished by the assessee. The Ld CIT(A) has placed reliance