“price rigging”

Alka Dilip Doshi, Mumbai vs. ITO-19(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Justice (Retd.) C.V. Bhadang & Shri B.R. Baskaran: A.Y : 2014-15

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 ... Court in the cases cited above shall apply to the present case, since the AO has not established that the assessee was involved in price rigging and further the AO did not find fault with any of the documents furnished by the assessee. 21. We noticed earlier that

Shanno Mohammed Yusuf Warsi, Mumbai vs. Income Tax Officer-25(1)(3), Mumbai

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

Officer based on the information arrived at the reason that Assessing Officer based on the information arrived at the reason that there had been price rigging and manipulation in trading of there had been price rigging and manipulation in trading of there had been price rigging and manipulation in trading ... domain regulator finding that there was • Despite SEBI, the domain regulator finding that there was • Despite SEBI, the domain regulator finding that there was price rigging and manipulation in trading of the scrip price rigging and manipulation in trading of the scrip price rigging and manipulation in trading

DCIT Central Circle -2(2), Mumbai vs. Shri Viral Saraf Mittal, Mumbai

In the result, appeal filed by the revenue is dismissed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Central Circle – 2(2) V. Viral Saraf Mittal Room No. 806, 8Th Floor 901/902, Capri Heights Old Cgo Annex Building Palli Hill, Bandra (W) M.K. Road, Mumbai - 400020 Mumbai - 400050 Pan: Azbps0317C (Appellant) (Respondent) Assessee Represented By : Shri Sidharth Kothari Department Represented By : Ms. Kavitha Kaushik

directors of companies that finally purchased the shares, the promoters of Penny stock companies, the entry operators who managed the dummy companies involved in price rigging. The money trail of the transactions was also examined and, in a large number of transactions trail right from cash deposit account ... present case, still the revenue has not brought on record any materials linking the assessee in any of the dubious transactions relating to entry, price rigging or exit providers. Even in the SEBI report, there is no mention or reference to the involvement of the assessee or the broker involved

Chirag Tejprakash Dangi, Mumbai vs. Income Tax Officer, Ward 26(1)(5), Mumbai

Bench: Justice (Retd.) C.V. Bhadang () & Shri B.R. Baskaran (Am)

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

Udayan Grover, Mumbai vs. National Faceless Appeal Centre(NFAC), Delhi

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

that in respect of the penny stock company there are no real assets and no business activities carried out. Also, through accommodation entries, the price rigging was done to increase the scrip price significantly. Accordingly, after considering the facts and circumstances of the case, it is observed that the assessee ... present case, still the revenue has not brought on record any materials linking the assessee in any of the dubious transactions relating to entry, price rigging or exit Page No. 38 Udayan Grover providers. Even in the SEBI report, there is no mention or reference to the involvement

Komal Agarwal, Mumbai vs. Dy CIT -CC-7(3), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No. 645/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Komal Agarwal बिधम / Dcit, Central Circle 7(3) 203, Ugam, N.S Road No.9, Room No 655, 6Th Floor, Vs. Jvpd Scheme, Juhu, Ville Ayakar Bhavan, M.K. Parle (W), Mumbai-400097 Road, Churchgate, Mumbai-400020 स्थधयी लेखध सं/.जीआइआर सं/.Pan/Gir No. : Ahwpr9295B (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) ..

perversity in the order of this Tribunal. The Court further noted that there was no allegation against the assessee that he had participated in price rigging in the market and therefore dismissed the appeal of the Revenue. The relevant findings of the Hon’ble High Court which is binding upon ... 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

M/S Rekha Pinesh Shah, Mumbai vs. CIT-Exmption-30, Mumbai

In the result, the appeal by the assessee is allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

Appellant cannot be branded/labeled as bogus unless the nexus of the Appellant with the alleged persons is established by the AO in price rigging etc. 4. On the facts and circumstances of the case and in law, the learned CIT (A) has erred in confirming impugned addition (a) by relying

Smt. Hema Ramesh Jain, Thane vs. ITO Ward - 1(5), Kalyan

In the result, the appeal of the assessee is partly allowed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.2966/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2014-15) Smt. Hema Ramesh Jain बिधम/ Ito, Ward-1(5) 1St Floor, Mohan Plaza, Flat No. 1501, Bldg 2-Greens, Vs. Vasant Lawns, Voltas Wayale Nagar, Compound, Nr Majiwada Khadakpada, Kalyan Flyover, Thane (West)- (W), Maharashtra- 400601. 421301. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Afdpj0407L (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Ajay R. Singh Revenue By: Shri S. N. Kabra (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 05/01/2024 घोषणा की तारीख /Date Of Pronouncement: 29/01/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/(Nfac), Delhi Dated 08.08.2023 For The Assessment Year 2014-15. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Disallowance Made By Ao Regarding The Claim Of Long Term Capital Gain (Ltcg) Of Rs.23,37,135/- & Taxing The Entire Sale Consideration Of Rs.25,12,020/- On Sale Of Shares Of M/S. Sunrise Asian Ltd. (Hereinafter “M/S. Sunrise”).

concert. Securities & Exchange Board of India (SEBI), as a securities market regulator, has passed orders identifying and penalizing persons/concerns acting in concert indulging in price rigging through synchronized trading in shares through stock exchange trades. Therefore, we reject the contention that the mere fact that the sale transaction was undertaken ... Operator is person/entity that controls a large number of paper/shell companies which are used for routing cash as well as buying/selling shares during the price rigging period. We note that in paragraph 5.2 of the Assessment Order, Mr. Vipul Vidur Bhat has been identified as Operator for Sunrise Asian

Vineet Mittal, Mumbai vs. DCIT Cent . Cir 3(3), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Narendra Kumar Choudhry, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

order dated 25.11.2014 wherein SEBI has found no irregularities in the trading of such scrips; neither it has found its Directors involved in any price rigging. Such facts has categorically been mentioned in the judgement of Swati Luthra (supra). Therefore, both factually and materially it is distinguishable from the instant ... present case, still the revenue has not brought on record any materials linking the assessee in any of the dubious transactions relating to entry, price rigging or exit providers. Even in the SEBI report, there is no mention or reference to the involvement of the assessee except in the latest

Vineeet Mittal, Mumbai vs. DCIT Cent. Cir 3(3), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Narendra Kumar Choudhry, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

order dated 25.11.2014 wherein SEBI has found no irregularities in the trading of such scrips; neither it has found its Directors involved in any price rigging. Such facts has categorically been mentioned in the judgement of Swati Luthra (supra). Therefore, both factually and materially it is distinguishable from the instant ... present case, still the revenue has not brought on record any materials linking the assessee in any of the dubious transactions relating to entry, price rigging or exit providers. Even in the SEBI report, there is no mention or reference to the involvement of the assessee except in the latest

Shri. Ramesh D Dedhia, Mumbai vs. ITO Ward 16 (3)(3), Mumbai

The appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry, Jm & Ms Padmavathy S, Am

that there has been a substantial increase in the share prices without recording a finding that assessee in any way is connected with the price rigging. In summary the ld. AR submitted that the assessee has discharged his onus to prove the genuineness of the transaction by providing

Mrs. Nisha Ashish Gupta, Mumbai vs. ITO-31(2) (4), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1519/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) Mrs. Nisha Ashish Gupta बिधम/ Ito-31(2)(4) 1501, Anmol Enclave, Opp Pratyakshakar Bhavan, C- Vs. Patel Auto, Goregaon West, 13, Bandra Kurla Mumbai-400062. Complex, Bandra (East), Mumbai-400051. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Adlpg0969J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Vishnu Agarwal/Shri Amit Agarwal Revenue By: Shri Ashok Kumar Ambastha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 21/12/2023 घोषणा की तारीख /Date Of Pronouncement: 23/01/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 18.08.2021 For The Assessment Year 2014-15. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Action Of The Ao Disallowing The Long Term Capital Gain (Ltcg) Claimed By The Assessee In Respect Of Sale Of Shares M/S. Sunrise Asian Limited (Hereafter “M/S. Sunrise”) Of Rs.98,81,550/- U/S 68 Of The Income Tax Act, 1961 (Hereinafter “The Act”). & Thus Denying Deduction U/S 10(38) Of The Act As Well As Upholding Addition Of Rs.1,97,631/- As Commission For Arranging The Bogus Ltcg (2% Of Commission) U/S 69C Of The Act.

long term capital gains by conniving with the so called entry operators, promoters of Sunrise Asian Ltd and brokers who were involved in artificial price rigging of shares. No evidence is brought on record to prove that assessee was directly involved in price manipulation of the shares dealt ... which assessee had dealt. In the said order, SEBI had listed out the names and PAN of various persons who were involved in artificial price rigging of shares and the list of beneficiaries. The assessee’s name or the broker through whom the assessee bought and sold the shares does

Amarjit Kaur Surinder Singh Kochhar, Mumbai vs. Income Tax Officer Ward-12(1)(1), Aayakar Bhawan, Mumbai

Bench: Shri Pavan Kumar Gadaleamarjit Kaur Surinder Vs. Ito Ward-12(1)(1), Singh Kochhar, Aayakar Bhawan, 4, Plot No.667, 4Th Floor M.K.Road, Satguru Sundari, Mumbai-400020. Dr. Ambedkar Road, Khar (W), Mumbai-400052. Pan/Gir No. : Agspk6461F Appellant .. Respondent

assessee has sold the shares subject to securitization Tax and the Ld. AR emphasized that the assessee is only investor and not in any price rigging of shares and no enquiry was conducted by the SEBI or BSE on the assessee and the Ld.AR relied on the submissions and judicial

Shri Balkrishna Gajanan Thopte, Thane vs. DCIT Cir 2, Kalyan

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

ITA NO. 3380/MUM/2019 (A.Y. 2014-15) Balkrishna Gajanan Thopte IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH "B", MUMBAI BEFORE