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

bogus accommodation entries for capital gains and trading profits/losses. Evidence from the search confirmed that Shah used BOLT to manipulate share prices and provide these entries to clients, with Rajesh Jhaveri acting as an intermediary. The trades were carried out by entities controlled by SCS, and experienced traders like Rajesh Jhaveri were involved. The purchase

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

bogus accommodation entries for capital gains and trading profits/losses. Evidence from the search confirmed that Shah used BOLT to manipulate share prices and provide these entries to clients, with Rajesh Jhaveri acting as an intermediary. The trades were carried out by entities controlled by SCS, and experienced traders like Rajesh Jhaveri were involved. The purchase

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

bogus long term capital gains in purchase and sale thereof. The assessee also contended that the unspecified document signed by ld. DDIT

SHAMA AJAY PATEL,AHMEDABAD vs. THE CIT(IT & TP), AHMEDABAD

The appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2017-18 Shama Ajay Patel, Vs. 2, Chandroday Society, The Cit(It & Tp), Opp. Golden Triangle, Sp Ahmedabad Stadium Road, Navjivan Post, Ahmedabad-380014 Pan : Alxpp 5273 E अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Sunil Talati, Ar Revenue By : Dr. Darsi Suman Ratnam, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 01.02.2024 घोषणा क" तारीख /Date Of Pronouncement: 26.04.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income-Tax (It & Tp), Ahmedabad [Hereinafter Referred To As Ld. "Cit(It & Tp)" For Short] Dated 08.02.2023, In Exercise Of His Revisionary Powers Under Section 263 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], For The Assessment Year (Ay) 2017-18. 2. The Grounds Raised By The Assessee Challenging The Impugned Order Of The Ld. Cit (It & Tp) Reads As Under:- “1. The Ld. Cit Has Erred In Passing Order U/S 263 Without Jurisdiction & Appropriate Powers Available Under The Act. It Is Submitted That The Order Passed U/S. 263 Is Bad In Law As A.O. Has Neither Committed Any Error Nor It Is Prejudicial To The Interest Of Revenue. It Be Held Now.

bogus capital gain earned by the assessee on trading in the scrip of M/s. Kushal Limited. Due reply was filed by the assessee stating that the transaction was genuine, having been incurred through her NRE account and on which short term capital gain had been earned by the assessee subjected to tax @ 15.45%. The ld. CIT (IT & TP), however

INCOME-TAX OFFICER, WARD-1(3)(1), AHMEDABAD, AHMEDABAD vs. DEVAL PRANAV PATEL L/H. OF LATE SHRI PRANAV MAHENDRABHAI PATEL, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Dr. Brr Kumar & Ms. Suchitra Kambleassessment Year: 2017-18

bogus long term capital gain/loss and short term capital gain/loss. The Ld. DR relied upon the Assessment Order. 6. The Ld. AR submitted that the reasons recorded were bad as the approval does not mentions the quantum as to how much amount has been claimed as long term capital gain or on account of payment of Commission

MOHAMMEDSAQIB AIYUB PUTHAWALA,AHMEDABAD vs. THE PCIT-1, AHMEDABAD

In the result, the appeal of the Assessee is allowed

Bench: Shri Siddhartha Nautiyal (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

purchase of bogus long term capital gain, it is not clear that based on what information your goodself have considered

HEMANTKUMAR MANSUKHLAL SONI, HUF,AHMEDABAD vs. THE ITO, WARD-1(3)(1), AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2017-18 Hemantkumar Mansukhlal Soni, Huf Ito, Ward-1(3)(1) 2254 Mahurat Pole Vs Ahmedabad. Manekchowk Ahmedabad-380001. Pan : Aabhh 1182 F (Applicant) (Responent) : Assessee By Shri S.N. Divatia, Ar & Shri Samir Vora, Ar Revenue By : Ms.Saumya Pandey Jain, Sr.Dr सुनवाई क" तारीख/Date Of Hearing : 18/06/2024 घोषणा क" तारीख /Date Of Pronouncement: 04/09/2024 आदेश/O R D E R आदेश आदेश आदेश Per Annapurna Guptathis Is Assessee’S Appeal Against The Order Of The Ld.Cit(A), National Faceless Appeal Centre (Nfac), Delhi Dated 27.04.203 15.3.2023 Passed Under Section 250 Of The Income Tax Act, 1961 (“The Act” For Short) For The Assessment Year 2017-18. 2. The Grounds Raised In The Appeal Are As Under:

purchase and sale etc. 2 3.1 The Id. NFAC has grievously erred in law and or on facts in upholding that the capital gain on sale of shares of Monotype India Ltd. was not genuine and thereby upholding the addition of Rs.59,93,278/- as unexplained credit u/s 68 made by AO. 3.2 That the in the facts and circumstances

GITABEN DINESHBHAI PATEL,AHMEDABAD vs. ITO WARD 5(3)(1), AHMEDABAD

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

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

bogus capital gains and losses. The Assessing Officer relied upon the findings of the Investigation Wing and SEBI’s order on price manipulation of the said company’s shares to hold that the assessee had converted her unaccounted income into legitimate form by claiming the said LTCG as exempt. Accordingly, the entire gain of Rs. 93,92,789/- was added

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. BHAVESHKUMAR GIRISHBHAI BHANDARI, AHMEDABAD, GUJARAT

Appeal is allowed in ITA 978/Ahd/2025 and ITA\n978/Ahd/2025 as well

bogus Long-Term Capital Gains and Short-Term\nCapital Gains. The Assessing Officer observed that the price of the scrip had\nabnormally risen from Rs. 2 to Rs. 469 within a short span of time without\nany corresponding improvement in the financials of the company, which\ndemonstrated that the scrip was artificially rigged.\n7. Despite repeated opportunities, the assessee failed

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/-.

capital gain, and as discussed the rise in share prices is not holding to any commercial principles and market factors. It is common knowledge that in penny stock transactions, the entire transactions are stage managed and well-orchestrated to conform to the requirements of the Act to satisfy the claim of exemption but the apparent is not real and therefore

NRUPAL NARESHCHANDRA RAJA,AHMEDABAD vs. THE PR. CIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

purchased and sold shares through one SEBI registered broker, M/s. B.P. Equities Pvt. Ltd. of Mumbai, whose copy of account from my books as well as the contra account given by the said broker from his books are attached herewith at Annexure-C-coll. (Pages 6 to 8) to show that whatever transaction I had undertaken with them were through

HARSHADKUMAR HARGOVANDAS PATEL,KALOL vs. THE ITO, WARD-4, MEHSANA

In the result, the appeal of the assessee is allowed for statistical\npurposes

bogus.\nAccordingly, the short-term capital gain was computed at ₹9,51,234/-, and\nsince the assessee had declared only 6,45,834/-, the difference of\n3,05,400/- was added to the total income of the assessee. Penalty\nproceedings under sections 271(1)(c) and 271F of the Income Tax Act were\nalso initiated separately.\n12.\nIn appeal

ARDOR OVERSEAS PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD

Appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumaray Sl.

purchased the land from the Sakar Co-operative Housing Society Ltd. for Rs.8.50 crores and sold it subsequently after 4 days to M/s. Ardor Overseas Pvt. Ltd. for Rs.44 crores; that set off of the short term capital gain so earned by M/s. Nikshal Properties Pvt. Ltd., bogus

ITO, WARD-1(1)(3),, AHMEDABAD vs. M/S. ARDOR OVERSEAS PRIVATE LIMITED,, AHMEDABAD

Appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumaray Sl.

purchased the land from the Sakar Co-operative Housing Society Ltd. for Rs.8.50 crores and sold it subsequently after 4 days to M/s. Ardor Overseas Pvt. Ltd. for Rs.44 crores; that set off of the short term capital gain so earned by M/s. Nikshal Properties Pvt. Ltd., bogus

NIKSHAL POPERTIES PVT. LTD,VADODARA vs. THE ITO, WARD-3(1)(1),, AHMEDABAD

Appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumaray Sl.

purchased the land from the Sakar Co-operative Housing Society Ltd. for Rs.8.50 crores and sold it subsequently after 4 days to M/s. Ardor Overseas Pvt. Ltd. for Rs.44 crores; that set off of the short term capital gain so earned by M/s. Nikshal Properties Pvt. Ltd., bogus

KISHORI PANKAJ AGARWAL,VADODARA, GUJARAT vs. INCOME TAX OFFICER , VADODARA, GUJARAT

Bench: SHRI SANJAY GARG (Judicial Member), SHRI NARENDRA PRASAD SINHA (Accountant Member)

purchase and sale of shares resulting in long term capital gain. Neither these evidences were found by the AO nor by the Id. CIT(A) to be false or fictitious or bogus

TEJALBEN SAMIRKUMAR SHAH,AHMEDABAD vs. THE PR. CIT-1, AHMEDABAD

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

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita No. 78/Ahd/2021 धििाधरणवरध/Asstt. Year: 2015-2016 Tejalben Samirkumar Shah, Principal Commissioner Of 10, Opera Society, Vs. Income Tax-1, Vibhag-2, Ahmedabad. Paldi, Ahmedabad-380007. Pan: Askps2898E

Capital Gain. I am not doing any business or trading activity. The fund is not blocked in Debtors and Stock. So with a view to earn profit out of my Investment, I am investing in purchase of shares. 4. Please find the source of making purchases of shares during FY:-2011-12 to FY:- 2014- 15 marked as exhibit

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. GIRISHKUMAR AMRATLAL BHANDARI HUF, HIMATNAGAR, GUJARAT

In the result, the appeal of the Department is allowed and the order of\nthe Assessing Officer is restored

bogus Long-Term Capital Gains and Short-Term\nCapital Gains. The Assessing Officer observed that the price of the scrip had\nabnormally risen from Rs.2 to Rs.469 within a short span of time without\nany corresponding improvement in the financials of the company, which\ndemonstrated that the scrip was artificially rigged.\n7.\nDespite repeated opportunities, the assessee failed to provide