“price rigging”

Mehul Krishnkant Mehta, Mumbai vs. ACIT 29(2), Mumbai

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

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadalemehul Krishnakant Vs. Acit, Circle – 29(2) Mehta Room No. 202, C-10, Shop No. 24, Sharmila 2Nd Floor Bkc, Apartments, Model Bandra (E), Town, Mulund (W), Mumbai – 400051. Mumbai – 400080. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm6130D Appellant .. Respondent Appellant By : Shri. Ravi Swarna.Ar Respondent By : Shri. Suresh Periasamy.Dr Date Of Hearing 13.10.2022 Date Of Pronouncement 30.12.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Passed By The National Faceless Appeal Centre (Nfac), Delhi / Cit(A) Passed U/S 250 Of The Act. The Assessee Has Raised The Fallowing Grounds Of Appeal:

genuine. 6. The Appellant therefore prays that the lower authorities have failed to prove the role of the Appellant in the artificial price rigging of the shares of the investee company held by it and therefore, the findings drawn thereon are bad in law and liable to be quashed

Shri Pravin C. Bokadia, Mumbai vs. The Income Tax Officer, Ward-19(2)(5), Mumbai

In the result , the appeal of the assessee is allowed

capital gains by conniving with the so called entry operators, promoters of Lifeline Drugs and Pharma 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 ... said order, SEBI had listed out the names and PAN of various persons who were 7 SHRI. PRAVIN C. BOKADIA 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

Sankrt Shailendra Mody, Mumbai vs. Income Tax Officer 19(3) (2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri M.Balaganeshsanket Shailendra Vs. Income Tax Officer 19(3) (2) Mody Mumbai. 8/A, Navjeevan Patel, Compound, 20 Nepean Mumbai, Maharashtra 400007 Sea Road, Mumbai, Maharashtra 400006

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

ITO - 33(1)(1), Mumbai vs. Smt Ranjana Subhash Shinde, Mumbai

In the result , the appeal of the revenue is dismissed

appellant with any of the said companies or persons. None of the persons whose statement was recorded stated that the appellant was involved in price rigging of the shares, or that she received or paid cash for getting the bogus STCL Thus, the inference drawn ... there is no adverse comments on the documentation involving these share transactions nor is there any allegation against the appellant individually as involved in price rigging or taking the benefit of accommodation entries to book loss. Thus, the purchase of shares of VAS Infrastructure Ltd by the appellant is backed

Dy.C.I.T. Cent. Cir-6(2), Mumbai vs. Shri Dilip B.Jiwrajka, Mumbai

In the result, the Cross Objections for AYs 2012-13 & 2013-14

IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN

ACIT -6(1)(1), Mumbai vs. M/S. Clothing Culture Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

Bench: This Tribunal By The Revenue During The Covid Period. Hence, In View Of The Relaxation Granted By The Hon’Ble Supreme Court, The Delay Of 123 Days Is Hereby Condoned & Appeal Of The Revenue Is Admitted For Adjudication.

Shri Anil Kedia and Shri Mayur Jain. The ld. AO also analysed the price moment of ACEL in BSE to show that there was price rigging in the said shares during the period 29/11/2010 to 26/12/2012. 3.4. The assessee in response to show-cause notice issued ... share. We find that assessee was selling the shares only from 16/02/2013 onwards in piecemeal. Even according to the ld. AO, the price rigging of shares of ACEL had happened only during the period 29/11/2010 to 26/12/2012. The assessee had not sold the shares during this period. Hence, the entire

Income Tax Officer 33(1)(4), Mumbai vs. Dheeraj Babulal Shah, Mumbai

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

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. Nos. 4272/Mum/2018 (निर्धारण वर्ा / Assessment Years: 2014-15) & आयकर अपील सं/ I.T.A. Nos. 4092/Mum/2019 (निर्धारण वर्ा / Assessment Years: 2015-16) बिधम/ Ito-33(1)(4) Dheeraj Babulal Shah Room No. 708, 7Th Floor, 23/A-12, Akash Chsl, Vs. Bldg. No. C-12, Jalawal Nagar, Ashok Nagar, Pratyakshakar Bhavan, Kandivali (E), Mumbai- Bandra Kurla Complex, 400101. Bandra (E), Mumbai- 400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Arwps1458D (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Smt. Mahita Nair (Sr. Ar) Assessee By: Shri Rajkumar Singh सुनवाई की तारीख / Date Of Hearing: 19/07/2022 घोषणा की तारीख /Date Of Pronouncement: 14/10/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Appeals Are Preferred By The Revenue Against The Orders Of The Ld. Cit(A)-45, Mumbai, Dated 29.03.2018 For A.Y.2014-15 & Dated 12.03.2019 For Ay. 2015-16 Respectively.

loan to the appellant are proved. None of the persons whose statement was recorded by the AO stated that the appellant was involved in price rigging of the shares, or that he gave cash to any of them which they deposited in the bank accounts and accommodated the appellant ... adverse criticism on the relevant documentation involving these share transactions nor is there any allegation against the appellant individually as involved in price rigging or taking the benefit of accommodation entries to route his cash into the books of account. Thus, the purchase of shares of Essar (India

Shradha Estate Pvt. Ltd, Mumbai vs. ITO 5(3) (2), Mumbai

In the result, appeal filed by the assessee is dismissed

Bench: Shrikuldip Singh & Shri Gagan Goyalshradha Estate Pvt. Ltd., 3, New Bake Bihari Building, 24Th Road, Khar (West), Opp. Khar Tel Ex, Mumbai-40052. Pan: Aabcs4961J ...... Appellant Vs. Ito-5(3)(2), Room No. 583, Aayakar Bhavan, M.K. Road, Mumbai-400020. ..... Respondent Appellant By : None Respondent By : Sh. Ashish Kumar, Sr. Dr Date Of Hearing : 05/07/2022 Date Of Pronouncement : 03/10/2022 Order Per Gagan Goyal, A.M:

directors of company 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 no of transactions trail right from cash deposits to the account

Heena Suresh Jain, Mumbai vs. ITO 19 (1)(5), Mumbai

In the result, appeals filed by the assessees are allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon’Blesuresh M. Jain Huf V. Ito-19(3)(4), 52A Nanu Bhai Desai Road 2Nd Floor, Matru Mandir Tardeo Road, Mumbai-400007 Mulji Thakersi Building 2Nd Floor, Mumbai-400004 Pan: Aalhs7460R (Appellant) (Respondent) Heena Suresh Jain V.

purchase of shares and 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 alleged penny scrip. iv) In another judgement rendered by hon'ble jurisdictional High Court of Bombay ... merely relied on the orders of the ld AO. We find that the allegation that the assessee and / or Brokers getting involved in price rigging of SOICL shares fails. It is also a matter of record that the assessee furnished all evidences in the form of bills, contract notes, demat

Suresh M Jain HUF, Mumbai vs. ITO 19 (3)(4), Mumbai

In the result, appeals filed by the assessees are allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon’Blesuresh M. Jain Huf V. Ito-19(3)(4), 52A Nanu Bhai Desai Road 2Nd Floor, Matru Mandir Tardeo Road, Mumbai-400007 Mulji Thakersi Building 2Nd Floor, Mumbai-400004 Pan: Aalhs7460R (Appellant) (Respondent) Heena Suresh Jain V.

purchase of shares and 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 alleged penny scrip. iv) In another judgement rendered by hon'ble jurisdictional High Court of Bombay ... merely relied on the orders of the ld AO. We find that the allegation that the assessee and / or Brokers getting involved in price rigging of SOICL shares fails. It is also a matter of record that the assessee furnished all evidences in the form of bills, contract notes, demat

DCIT Circle- 15(3)(1), Mumbai vs. M/S Sanjivaini Parenteral Ltd., M

In the result, all the three appeals of the learned assessing officer are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

that the assessee could not have benefited by the ITA Nos. 415 to 4154/M/19 & CO nos.57 to 59/M/20 Sanjivani Parenteral Ltd; A.Y. 10–11 price rigging in the shares of the assessee company the beneficiaries would have been the shareholders at the most promoters. There was also no evidence available ... market and promoter would be providing funds to the tune of Rs 1 Cr to manipulate market prices. The whole name of this price rigging mechanism was given as “ screen management charges”. We are not concerned with the mechanism as well as the people involved in that

DCIT, Circle-15(3)(1), Mumbai vs. M/S- Sanjivani Parenteral Ltd., Mumbai

In the result, all the three appeals of the learned assessing officer are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

that the assessee could not have benefited by the ITA Nos. 415 to 4154/M/19 & CO nos.57 to 59/M/20 Sanjivani Parenteral Ltd; A.Y. 10–11 price rigging in the shares of the assessee company the beneficiaries would have been the shareholders at the most promoters. There was also no evidence available ... market and promoter would be providing funds to the tune of Rs 1 Cr to manipulate market prices. The whole name of this price rigging mechanism was given as “ screen management charges”. We are not concerned with the mechanism as well as the people involved in that

DCIT, C-15(3)(1), Mumbai vs. Sanjivani Parenteral Ltd., Mumbai

In the result, all the three appeals of the learned assessing officer are partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

that the assessee could not have benefited by the ITA Nos. 415 to 4154/M/19 & CO nos.57 to 59/M/20 Sanjivani Parenteral Ltd; A.Y. 10–11 price rigging in the shares of the assessee company the beneficiaries would have been the shareholders at the most promoters. There was also no evidence available ... market and promoter would be providing funds to the tune of Rs 1 Cr to manipulate market prices. The whole name of this price rigging mechanism was given as “ screen management charges”. We are not concerned with the mechanism as well as the people involved in that

Deepak Valji Karia, Mumbai vs. ITO - 28(1)(3), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Bleshri Deepak Valji Karia V. Income Tax Officer – 28(1)(3) Flat No. 2501, B Wing Room No. 327 Maroj Palm Paradise Tower No. 6, 3Rd Floor Palm Beach Road, Sector 17 Vashi Railway Station Building Complex Vashi, Navi Mumbai-400703 Sanpada, Navi Mumbai 400705 Pan: Ahfpk2679F (Appellant) (Respondent) Assessee By : Ms. Dinkle Hariya Department By Shri Sanjeev Kashyp

analysed the BSE report and statement of Shri Vipul Vidur Bhatt, who had controlled the various companies, which was involved in the price rigging transactions, in his order. In short, Assessing Officer has summarized his findings in the following points: - “3.13 Finally, after having discussed the issue in detail ... substantial business was being traded at such a high value and increase in sale price. In the circumstances the modus operandi of price rigging had been established by the department through various action. (ee) The appellant had failed to furnish the details/evidences about what acumen and foresight

Dy CIT CC-7(4), Mumbai vs. Smt. Anjana Modi, Mumbai

In the result, appeal of the Revenue is dismissed

December 2009 for Rs.13,43,068/-. The ld. AO categorized the scrip of Global Capital Markets Ltd as a penny stock involved in artificial price rigging thereon and accordingly treated the sale proceeds of Rs.47,32,500/- as a mere 3 Smt. Anjana Modi accommodation entry and sought

Amit H Patel (HUF), Mumbai vs. DCIT- CC 3(4), Mumbai

In the result, appeal by the assessee is partly allowed

Bench: Shri Shamim Yahya

have confirmed the fact that the shares of Comfort Intech Ltd. have been used for providing entry of bogus LTCG/STCG. • During this period of price rigging, the volume of the shares traded on each trading day was very low and on each day just 1-2 trades have been done

ITO -32(2)(1), Mumbai vs. M/S. Liberal Realtors Limited Liability Partnership, Mumbai

In the result, appeal of the Revenue for A

said companies or persons, much less with Kolkata operators. None of the persons whose statements were recorded stated that the assessee was involved in price rigging of the shares or that any partner of the LLP gave cash to any of them which they deposited in the bank accounts