“entry operator”

DCIT, Central Circle 3(3), Mumbai vs. Avaada Ventures Pvt. Ltd, Mumbai

carried out by these companies. The ld. AO has also analysed the bank statement of shareholders and investors and their purported links to hawala entry operators. The entire content of the remand report has been incorporated in the appellate order from pages 78-85 alongwith remand report dated 26/07/2022 containing

DCIT, Central Circle- 3(3), Mumbai vs. Avaada Ventures Pvt. Ltd, Mumbai

In the result, all the appeals of the Revenue are

carried out by these companies. The ld. AO has also analysed the bank statement of shareholders and investors and their purported links to hawala entry operators. The entire content of the remand report has been incorporated in the appellate order from pages 78-85 alongwith remand report dated 26/07/2022 containing ... same cannot be considered as incriminating material for the assessee 9.20 Further, in the assessment order, AO has relied upon the statement of certain entry operators_recordedu/s 131 by the Kolkata investigation wing in the post search proceedings whose statement were earlier recorded by investigation wing in year 2014 which

DCIT-19(1), Income Tax vs. Pavan Kumar B Chandan (E-Filed), Mumbai

Appeals are dismissed

penny stocks which identified shares of M/s. Shaleen Textile as a penny stock. The AO took note of the modus operandi of the entry operators involved in facilitating bogus LTCG to beneficiaries like assessee, which according to AO is nothing but converting the black money of the beneficiaries to white ... managed to facilitate beneficiaries like assessee in the form of bogus LTCG through rigging of the BSE and with active connivance of various entry operators who have confirmed that shares of M/s. Shaleen Textile have been used for providing bogus accommodation entry in the form of LTCG/STCG. And such modus

Dy. Commissioner of Income Tax - 7(1)(1), Aaykar Bhavan, Mumbai vs. Nisha Shantaram Pokle, Mumbai

purchased the shares of M/s. Greencrest between 24.01.2012 to 01.01.2015. According to the AO, inquiry conducted by Investigation Wing (Kolkata) and the statements of entry operators who controlled and managed these entry providers revealed that these entities (exit providers) are bogus/paper entities, which are not doing any real business ... money in the form of bogus LTCG; or there was any evidence to suggest that assessee or her broker had any connection with unscrupulous entry operators named by AO, the Ld. CIT(A) was pleased to delete both the additions which action has been assailed by revenue before

Ajay Shankarlal Bankda, Mumbai vs. DCIT, Circle 16(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.2484/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2014-15) Ajay Shankarlal Bankda बिधम/ Dcit, Circle-16(2) B Wing 4301, Db Woods, Aayakar Bhavan, Vs. Gokuldham, Goregaon East, Maharshi Karve Marg Mumbai-400063. Road, New Marine Lines, Churchagate, Mumbai- 400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Adhpb2851J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri Anil Sant (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 08/03/2024 घोषणा की तारीख /Date Of Pronouncement: 22/03/2024 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 21.06.2023 For The Assessment Year 2014-15. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Addition Of Rs.88,06,950/- Made By The Ao U/S 68 Of The Income Tax Act, 1961 (Hereinafter “The Act”).

referred to the Investigation Report prepared by the Directorate of Investigation, Kolkata (General report) wherein it was reported that an organized racket involving entry operators were facilitating/generating accommodation entries to beneficiaries bogus LTCG which are claimed as exempt from tax. The AO took note of the modus operandi adopted ... entry operators to facilitate beneficiaries bogus LTCG (on sale of penny-stock) to convert their undisclosed income disclosed income by bringing it in regular books. According to the AO, by adopting the modus-operandi, beneficiary is facilitated to buy shares of a penny stock; and thereafter the price

Income Tax Officer-27(3)(1), Mumbai vs. Sachin Velji Shah, Mumbai

In the result, the appeal of the revenue stands dismissed

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm

penny stocks wherein scrip of M/s. Splash Media was one among it (not that of scrip in question M/s. Mahavir) was used by entry operators for converting unaccounted money of beneficiaries like assessee in the garb of LTCG/loss, disbelieved the genuinity of the transaction. The AO in the assessment order ... explained (in general) the modus operandi followed by the entry operators for providing accommodation entries to beneficiaries like assessee in the garb of LTCG/loss; and the AO wondered as to how the price of a share of M/s. Mahavir purchased at Rs.11/- would command up to Rs.300/- per share

Rajat Commercial Enterprises Pvt Ltd, Mumbai vs. DCIT Cir 11(1)(1), Mumbai

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

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

shares to Ms. Asha Krishan Khadaria on 17th January, 2012. The learned Assessing Officer held that Mr. Krishan Raghunath Prasad Khadaria was identified as entry operator by DIT Investigation Kolkata and Ms. Asha Krishan Khadaria and family member of Mr. Krishan Raghunath Prasad Khadaria. Therefore, purchases were made ... entry operator and his family. He further noted both these parties are also the directors of Nouveau Global Ventures Ltd. Thus, from the assessee the shares were purchased by the directors of Nouveau Global Ventures Ltd. Mr. Krishan Raghunath Prasad Khadaria who is also director of the assessee. Thus

Quality Apparel Exporters Pvt Ltd., Mumbai vs. Asst CIT Circle- 11(1)(1), Mumbai

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

issue and held that during the survey proceedings, documentary evidence has been detected in the shape of accounts in floppy, the statement of Data Entry Operator and the details noted in the loose papers which proves that the assessee has not declared the true and correct income to the Department

Quality Apparel Exporters Pvt Ltd., Mumbai vs. Asst CIT Circle- 11(1)(1), Mumbai

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

issue and held that during the survey proceedings, documentary evidence has been detected in the shape of accounts in floppy, the statement of Data Entry Operator and the details noted in the loose papers which proves that the assessee has not declared the true and correct income to the Department

Abhishek Tejraj Doshi, Mumbai vs. Income Tax Officer, Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleabhishek Tejraj Doshi V. Income Tax Officer 259, 2Nd Floor, Johari Mansion Jurisdiction Circle 19(1), Kalbadevi Road, Kalbadevi Mumbai, Mumbai Mumbai 400002 Pan: Aegpd9279J (Appellant) (Respondent) Shri Anil Sathe Assessee Represented By : Department Represented By : Shri Manoj Kumar Sinha

wing: The findings of the Directorate of Investigation of Mumbai and Kolkata as discussed above have proved that Shri Anil Agarwal and associated brokers, entry operators and the assessee had worked out an arrangement in which the shares were acquired by the assessee, the share prices were rigged and then ... with the help of entry operators by routing the cash, shares were sold at high price to arrive at tax free capital gains. d. Analysis of transactions: Facts revealed that such trading transactions of purchase and sale of shares are not been effected, for commercial purpose but to create artificial

Neeta Rajesh Lodha, Mumbai vs. CIT (A), NFAC, Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Ms Padmavathy S, Am आयकर अपील सं/ I.T.A. No.408/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2011-12) Neeta Rajesh Lodha बिधम/ Cit(Appeals)/Nfac 20/22, Shamseth Street, National Faceless Appeal, Vs. Zaveri Bazar, Mumbai- Centre (Nfac), Delhi. 400002. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Abdpl8053A (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Neelkanth Khandelwal Revenue By: Shri Ashok Kumar Ambastha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 20/02/2024 घोषणा की तारीख /Date Of Pronouncement: 19/03/2024 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 20.12.2022 For The Assessment Year 2011-12. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Action Of The Ao By Making An Addition Of Rs.2,61,43,231/- U/S 68 Of The Income Tax Act, 1961 (Hereinafter Referred “The Act” Which According To The Assessee Ought To Have Been Held To Be Exempt U/S 10(38) Of The Act As Well As Upholding The Addition Of Rs.5,22,865/- As Commission (2% Of Sales Proceeds) For Arranging Bogus Ltcg U/S 69 Of The Act.

assessment order; and made general assertions and observations, which according to him, is the manner and mode used by entry operators in active connivance with exit providers to accommodate bogus LTCG and losses in transactions of these penny scrips. The relevant facts concerning the assessee case, is noted ... Thus according to AO, assessee was not a genuine trader of this scrip. The AO noted at para 14 the investigation carried out against entry operators wherein he takes note of the statement recorded u/s 133A of Mr. Subrata Haldar, an associate of Mr. Bikash Sureka. And Mr Subrata Haldar

Mr Bhavesh Kantilal Kubadia, Mumbai vs. Income Tax Officer, Ward-21(1)(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Ms Padmavathy S, Am आयकर अपील सं/ I.T.A. No.1490/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Mr. Bhavesh Kantilal बिधम/ Ito, Ward-21(1)(2) Kubadia Room No. 104, 1St Floor, Vs. 7, 2Nd Floor, Neminath Piramal Chamber, Building, S. K. Bole Road, Lalbaug, Parel, Mumbai- (Dadar (W), Mumbai- 400012. 400028. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Agrpk2377D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Neelkanth Khandelwal Revenue By: Shri Ashok Kumar Ambastha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 20/02/2024 घोषणा की तारीख /Date Of Pronouncement: 19/03/2024 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 24.04.2023 For The Assessment Year 2013-14. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Action Of The Ao Making An Addition Of Rs.77,02,597 U/S 68 Of The Income Tax Act, 1961 (Hereinafter Referred “The Act” Which According To The Assessee Ought To Have Been Held To Be Exempt U/S 10(38) Of The Act As Well As Upholding The Addition Of Rs.2,31,038/- As Commission (3% Of Ltcg) For Arranging Bogus Ltcg U/S 69 Of The Act.

assessment order; and made general assertions and observations, which according to him, is the manner and mode used by entry operators in active connivance with exit providers to accommodate bogus LTCG and losses in transactions of these penny scrips. The relevant facts concerning the assessee case, is noted ... thus held that the price was indeed rigged by operators to accommodate beneficiaries. And thereafter, the AO discussed about investigations carried out against entry operators at para 8 to 8.5. The AO also noted that search and seizure action u/s 132 was conducted in the case of Mr Bikash Sureka

Sheetal Rupesh Salva, Mumbai vs. ITO, Ward-20(3)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.95/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Sheetal Rupesh Savla बिधम/ Ito Ward-20(3)(3) 601 Dev In Apartments, 6Th Floor, Piramal Vs. Adenwala Road, Plot-511, Chamber, Parel, Mumbai- Matunga, Mumbai-400019. 400012. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Adhpk2176R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Dharen V. Gandhi (Adv) Shri Dinesh Shah Revenue By: Shri Nayanjoti Nath (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 07/02/2024 घोषणा की तारीख /Date Of Pronouncement: 18/03/2024 आदेश / O R D E R Per Bench This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 09.12.2022 For The Assessment Year 2013-14. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Action Of The Ao By Making An Addition Of Rs.3,20,97,772/- U/S 68 Of The Income Tax Act, 1961 (Hereinafter Referred “The Act” Which According To The Assessee Ought To Have Been Held To Be Exempt U/S 10(38) Of The Act.

assessment order, and made general assertions and observations, which according to him, is the manner and mode used by entry operators in active connivance with exit providers to accommodate bogus LTCG and losses in transactions of these penny scrips. The relevant facts concerning the assessee case, is noted ... share prices were rigged in a manner without being noticed by the market regulator. And thereafter, the AO discussed about investigations carried out against entry operators at para 9.12 to 9.15; and according to the AO, the changing trend in the prices of M/s. KLL, which between

Sheetal Rupesh Salva, Mumbai vs. ITO, Ward-20(3)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.94/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) Sheetal Rupesh Savla बिधम/ Ito Ward-20(3)(3) 601 Dev In Apartments, 6Th Floor, Piramal Vs. Adenwala Road, Plot-511, Chamber, Parel, Mumbai- Matunga, Mumbai-400019. 400012. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Adhpk2176R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Dharen V. Gandhi (Adv) Shri Dinesh Shah Revenue By: Shri Nayanjoti Nath (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 07/02/2024 घोषणा की तारीख /Date Of Pronouncement: 18/03/2024 आदेश / O R D E R Per Bench This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 07.12.2022 For The Assessment Year 2012-13. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Action Of The Ao By Making An Addition Of Rs.73,11,760/- U/S 68 Of The Income Tax Act, 1961 (Hereinafter Referred “The Act” Which According To The Assessee Ought To Have Been Held To Be Exempt U/S 10(38) Of The Act.

assessment order; and made general assertions and observations, which according to him, is the manner and mode used by entry operators in active connivance with exit providers to accommodate bogus LTCG/losses in transactions of these penny scrips. The relevant facts concerning the assessee’s case, is noted ... cost and later sold when the prices have been artificially rigged/increased by synchronous trading and as pre-planned, the shares were sold to exit entry operators at an exorbitant price. According to the Ld. DR, by this modus operandi, undue benefit in the form of exempted gains was claimed

Sheetal Rupesh Salva, Mumbai vs. ITO, Ward-20(3)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.93/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2011-12) Sheetal Rupesh Savla बिधम/ Ito Ward-20(3)(3) 601 Dev In Apartments, 6Th Floor, Piramal Vs. Adenwala Road, Plot-511, Chamber, Parel, Mumbai- Matunga, Mumbai-400019. 400012. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Adhpk2176R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Dharen V. Gandhi (Adv) Shri Dinesh Shah Revenue By: Shri Nayanjoti Nath (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 07/02/2024 घोषणा की तारीख /Date Of Pronouncement: 18/03/2024 आदेश / O R D E R Per Bench This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 05.12.2022 For The Assessment Year 2011-12. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Upholding The Action Of The Ao Making An Addition Of Rs.3,17,12,750/- U/S 68 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) Which According To The Assessee Ought To Have Been Held To Be Exempt U/S 10(38) Of The Act.

assessment order; and made general assertions and observations, which according to him, is the manner and mode used by entry operators in active connivance with exit providers to accommodate bogus LTCG and losses in transactions of these penny scrips. The relevant facts concerning the assessee case, is noted ... opinion that no prudent person would trade/invest in the shares of M/s KGN. And thereafter, the AO discussed about investigations carried out against entry operators at para 4.8 According to the AO, during and post search u/s 132 in the case of Shipbreaker group of Bhavnagar it was seen that

Pradipkumar Harakchand Doshi, Mumbai vs. The ITO, Ward-19(2)(5), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blepradipkumar Harakchand Doshi V. Income Tax Officer – 19(2)(5) 94/100, 2Nd Floor Matru Mandir, Grant Road 2Nd Pathan Street Mumbai - 400007 Mumbai - 400004 Pan: Aahpd4722B (Appellant) (Respondent) Shri Neelkanth Khandelwal Assessee Represented By : Department Represented By : Shri H.M. Bhatt

worked out an arrangement in which the shares were acquired by the assessee, the share prices were rigged and then with the help of entry operators by routing the cash, shares were sold at high price to arrive at tax free capital gains. d. Analysis of transactions: Facts revealed that ... involved in any of the scrupulous activities or directly linked to one of the person who has involved in manipulation/rigging of share prices, entry operator or exit provider as observed by the Hon’ble Bombay High Court in the case of Ziauddin A Siddique (supra). Therefore, there is no material

Anoopkumar Devidas Raimalani, Mumbai vs. ITO, Cir-18(1), Mumbai

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

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

findings of the Directorate of Investigation of Mumbai and Kolkata as discussed above have proved that Shri Vipul Vidur Bhatt and associated brokers, entry operators and the assessee had worked out an arrangement in which the shares were acquired by the assessee, the share prices were rigged and then with ... help of entry operators by routing the cash, shares were sold at high price to arrive at tax free capital gains. Page No. 24 ITA NO. 1653/MUM/2023 (A.Y: 2014-15) Anoopkumar Devidas Raimalani d. Analysis of transactions: Facts revealed that such trading transactions of purchase and sale of shares