OVEZ ARIFBHAI LAKHANI,BHAVNAGAR vs. THE PR. CIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Income Tax Appellate Tribunal, Ahmedabad Benches, Has Arisen From The Revisionary Order Dated 12.03.2024 Passed By Ld. Principal

penny stock company with scrip id 530701 engaged in providing bogus long term capital gain/loss to various entities. The assessee has uploaded invoices/contract notes issued by Prabhudas Liladhar Private Limited in respect of online purchase

THE DCIT, CIRCLE-1(1)(2), AHMEDABAD vs. SHRI SANJAY CHIMANLAL AGRAWAL,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed and the cross objection of the assessee is hereby allowed

Bench: Us Against The Order Of Ld. Cit(A)-1, Ahmedabad Dated 30/08/2019. The Revenue Has Raised Following Grounds Of Appeal:-

purchased 80,539 shares of M/s Suryanagari Fin-lease Ltd. and assessee had acquired 4,27,420/- shares of M/s. Suryanagari Fin- lease Ltd. between 1994 to 2007. The ld. Assessing Officer held that M/s Suryanagri Fin-lease Ltd is a penny stock used as an instrument to claim bogus

ISMAIL ABDULAZIZ LAKHANI,BHAVNAGAR vs. ITO, WARD-1(1), BHAVNAGAR

In the result, appeal filed by the assessee is allowed

Bench: the same were transferred through registered broker, on the floor of the recognized stock exchange, after suffering Security Transaction Tax and ultimately settled through proper banking channel) as unaccounted income under Section 68 of the Act amounting to Rs.1,51,12,000/-.

penny stock scrip and the company M/s. KDJ Holidayscape and Resort Limited was of no worth but had only engaged in providing bogus accommodation entries of long term capital gain or loss to various entities. This information was revealed during search and seizure action u/s.132 of the Act conducted in the case of Jatia Group and other related group

THE ITO, WARD-4(2)(4), AHMEDABAD vs. SHRI PALAK CHINUBHAI PATEL , AHMEDABAD

Bench: Itat Vide Cbdt Circular No. 17 Of 2019 Dated 8Th August, 2019. The Ld. Counsel For The Assessee Pointed Out That The Limit Prescribed Vide Aforesaid Circular Is Less Than Rs. 50 Lakhs While The Tax Effect Involved In The Present Appeal Was Only Rs. 3,51,871/-.

bogus LTCG/STCL through penny stocks. However, there is nothing to suggest that the Circular read with Memorandum would apply with equal force even if the assessee has shown sale and purchase

THE ITO, WARD-5(3)(1), AHMEDABAD vs. DEVYANI DHARMENDRA SHAH, AHMEDABAD

In the result, the appeal of the assessee is allowed

penny stock share of Conart Traders (later amalgamated in Sunrise Asian) and the enquiry made by the investigation wing and, have established that the assessee had arranged purchases of .artificial long term capital Gain by obtaining bogus

SHAILESH K PATEL-HUF,AHMEDABAD vs. ITO, WARD-3(3)(5), AHMEDABAD

In the result, appeal preferred by the assessee is dismissed

Bench: Ms. Suchitra Raghunath Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 288/Ahd/2019 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Year: 2015-16) िनधा"रण वष" Shailesh K. Patel Huf The Income Tax Officer बनाम बनाम/ बनाम बनाम C/O. Ketan H. Shah, Ward – 3(3)(5), Vs. Advocate Ahmedabad 512, Time Square – I, Op. Ram Baug Bungalow, Thaltej Shilaj Road, Thaltej, Ahmedabad, Gujarat 380059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aalhs9548E (Appellant) .. (Respondent) Shri Ketan Shah & Shri Aman Shah, अपीलाथ" ओर से /Appellant By : A.Rs. ""यथ" क" ओर से/Respondent By : Shri Ashok Kumar Suthar, Sr. Dr 04/06/2024 Date Of Hearing Date Of Pronouncement 18/06/2024 O R D E R Per Shri Narendra Prasad Sinha, Am: This Appeal Is Filed By The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals)-3, Ahmedabad, (In Short ‘The Cit(A)’) Dated 24.01.2019 For The Assessment Year 2015-16. 2. The Assessee Has Taken Following Grounds Of Appeal:

purchase and sale transactions in the shares was completed by the assessee and that the assessee was never aware of the fact that scrips were in the nature of penny stock companies. He contended that in the investigation report carried out by the Calcutta Directorate as well as in the statements recorded by different persons the name of the assessee

THE ITO, WARD-5(3)(1), AHMEDABAD vs. DEVARSH DHARMENDRA SHAH, AHMEDABAD

In the result appeal of the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed

bogus long term capital gain through penny stocks for which the CBDT vide Circular No.23 of 2019 dated 06.09.2019 read with OM vide Circular No.23 of 2019 res with OM dated 16th September, 2019 exempted such cases from monetary limit for filling appeal, hence the appeal be decided on merits. 3. There is delay in filing the appeal

THE ITO, WARD-5(3)(1), AHMEDABAD vs. DHARMENDRA C SHAH- HUF, AHMEDABAD

In the result appeal of the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed

bogus long term capital gain through penny stocks for which the CBDT vide Circular No.23 of 2019 dated 06.09.2019 read with OM vide Circular No.23 of 2019 res with OM dated 16th September, 2019 exempted such cases from monetary limit for filling appeal, hence the appeal be decided on merits. 3. There is delay in filing the appeal

SABBIRALI ALIMIYA SAIYED,VADODARA vs. THE ITO, WARD-3(1)(1),, VADODARA

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 904/Ahd/2018 िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष"/Asstt. Year: 2014-15 वष"

stock exchange by the assessee was bogus in nature. Likewise, the transaction of sale and purchase of the shares of M/s AGIL was not representing the penny

SMT. RESHMIBEN P. KANUGO,VADODARA vs. ITO, WARD-3(1)(3), VADODARA

In the result appeal filed the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 2131/Ahd/2018 2014-15 Smt. Reshmiben P. Income Tax Kanugo, Officer, 26, Jawahar Society, Nr. Ward 3(1)(3), Bakrawadi, R.V. Desai Vadodara. Road, Vadodara, Gujarat-390001. Pan: Azupk6721B 2. 2132/Ahd/2018 2014-15 Shri Alpesh P. Income Tax Kanugo(Huf), Officer, 26, Jawahar Society, Ward 3(1)(3), Nr. Bakrawadi, Ahmedabad. R.V. Desai Road, Vadodara-390001. Pan: Aajha5173P 3. 2133/Ahd/2018 2014-15 Shri Parasmal B. Kanugo Income Tax Officer, (Huf), Ward-3(1)(3), 26, Jawahar Society, Nr. Ahmedabad. Bakrawadi, R.V. Desai Road, Vadodara, Gujarat-390001. Pan: Aakhp0126Q

bogus accommodation entry of Long Term Capital Gain/Short Term Capital Loss. List of such company identified by the Department includes the following scrip in which you have traded and shown Long Term Capital Gain as per the details below:- Script Script Full name of penny Amount of total SEBI Action Code Name stock trade value 50551 3 SHRSHA Shree Shaleen

SMT. MEERA ALPESH KANUGO,VADODARA vs. ITO, WARD-3(1)(3), VADODARA

In the result, appeal filed by the assessee is allowed

penny stock by disregarding the direct evidence on record relating to sale/purchase transaction supported by brokers contract note. I.T.A No. 2130/Ahd/2018 A.Y. 2014-15 Page No. 9 Smt. Meera Alpesh Kanugo vs. ITO (iii) The Assessing Officer has not found any fault in the documents relating to purchase and sale of shares including contract notes etc. The payments were received

SHAILESH S. JHAVERI,AHMEDABAD vs. THE DY.CIT, CENT. CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

purchase and sale of shares as a professional stock broker and is not expected that he would be making systematic losses in three penny stock companies, having no substance whatsoever. An experienced share broker, who has dealt with several companies, is expected to have knowledge regarding the financials of the companies in which the assessee has traded. Secondly, the assessee

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

purchase and sale of shares as a professional stock broker and is not expected that he would be making systematic losses in three penny stock companies, having no substance whatsoever. An experienced share broker, who has dealt with several companies, is expected to have knowledge regarding the financials of the companies in which the assessee has traded. Secondly, the assessee

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

purchase and sale of shares as a professional stock broker and is not expected that he would be making systematic losses in three penny stock companies, having no substance whatsoever. An experienced share broker, who has dealt with several companies, is expected to have knowledge regarding the financials of the companies in which the assessee has traded. Secondly, the assessee

SHRI ANILKUMAR M. JAIN,AHMEDABAD vs. THE ACIT, CIRCLE-5(2), AHMEDABAD

In the result, appeal of the assessee is dismissed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinhaassessment Year: 2012-13

purchased stock invest and the assessee was allocated 50,000 equity shares in Alpha Graphic India Limited of the face value of Rs.5,00,000/-. The assessee has produced Ledger account of Alpha Stock Invest of Rs.5,00,000/- dated 02.05.1996 and Alpha Share Account showing investment of Rs 5,000/- on 31.03.1999 and 31.03.2017. As per the mandatory requirement

MANISH DEVENDRAKUMAR SHAH,AHMEDABAD vs. THE ITO, WARD-5(3)(1), AHMEDABAD

The appeal of the assessee is allowed in full

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.918/Ahd/2024 िनधा"रण वष" /Assessment Year : 2014-15 Manish Devendrakumar Shah The Ito बनाम/ 206, 2Nd Floor, Kalash 1 Ward-5(3)(1) V/S. Navrangpura Ahmedabad Ahmedabad – 380 009 "थायी लेखा सं./Pan: Aqjps 4226 K (अपीलाथ"/ Appellant) ("" यथ"/ Respondent) Assessee By : Shri S.N. Divatia, Ar & Shri Samir Vora, Ar Revenue By : Shri Rignesh Das, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 20 /02/2025 घोषणा की तारीख /Date Of Pronouncement: 25/02/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

penny stock does not by itself, render transactions in such shares non-genuine. The stock market operates under a regulatory framework where shares, irrespective of their financial fundamentals, are allowed to be traded on stock exchanges. Once such share is permitted to be listed and traded, any investor or trader – whether a regular market participant or a one-time investor

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DY.CIT, CENT. CIRCLE-1(1), AHMEDABAD

In the result, all the four appeals of respective assessees are partly allowed

Bench: Ms. Suchitra Kamble (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)

bogus or sham and having also not classified them as penny stock companies, the impugned addition being based on mere surmises and conjectures, the id. CIT(A) ought to have held the same as wholly unjustified and bad in law. 4. The Id. CIT(A) has grievously erred in ignoring the fact that in assessment orders passed u/s.143

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DY. CIT, CENT. CIRCLE-1(1), AHMEDABAD

In the result, all the four appeals of respective assessees are partly allowed

Bench: Ms. Suchitra Kamble (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)

bogus or sham and having also not classified them as penny stock companies, the impugned addition being based on mere surmises and conjectures, the id. CIT(A) ought to have held the same as wholly unjustified and bad in law. 4. The Id. CIT(A) has grievously erred in ignoring the fact that in assessment orders passed u/s.143