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"

capital gain earned on the sale of shares through the 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

THE ITO, WARD-1(3)(4), AHMEDABAD vs. SHRI NILESHKUMAR DASHRATHBHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

stock exchange and received proceeds in the form of ECS through broker. 4. However, the AO found that the Directorate of Investigation Kolkata carried out countrywide enquiry/ investigation with respect to organized racket of generating bogus long term capital gain by entry providers in collusion with various brokers/ companies. The Directorate of Investigation Kolkata found some 84 penny

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

penny stocks. Nor is it discharged by the assessee being a regular investor who has also earned profits from blue-chip stocks when the claim for long-term capital gains

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

penny stocks. Nor is it discharged by the assessee being a regular investor who has also earned profits from blue-chip stocks when the claim for long-term capital gains

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

penny stocks. Nor is it discharged by the assessee being a regular investor who has also earned profits from blue-chip stocks when the claim for long-term capital gains

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

penny stock company, from whom the assessee earned bogus long term capital gain. 3. On the facts and circumstances the Ld.CIT

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

penny stock company, from whom the assessee earned bogus long term capital gain. 3. On the facts and circumstances the Ld.CIT

MOHSIN ZULFIKAR KORADIA,AHMEDABAD vs. THE PR. CIT-3, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarasstt.Year : 2011-12 Mohsin Zulfikar Koradia The Pr.Cit-3 C/O.Gujarat Food Industries Vs Ahmedabad. 4324 Phase Iv Gidc Vatva Ahmedabad 382 445 Pan : Htpk 0799 C

penny stock company viz. M/s. Vas Infrastructure Ltd. (“VIL” for short) amounting to Rs.41,78,568/-. Thereafter case of the assessee was reopened and during the assessment proceedings, the assessee filed revised 3 return declaring capital gain

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:-

penny stock and has made substantial capital gains using the medium of stock exchange. The ld. Departmental Representative placed reliance

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 which is engaged in providing bogus long term capital gain/loss to various entities. I.T.A No. 590/Ahd/2024 A.Y. 2014-15 Page No. 14 Ovez Arifbhai Lakhani v. Pr. CIT The assessee is one of the beneficiary who traded in the scrip of KDJHRL of Rs. 79,43,000/- and earned long term capital gain

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

Stock Exchange and are being used for providing 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

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 earned by the assessee during the impugned year on sale of shares of an entity, M/s. KDJ Holidayscape and Resort Limited, for Rs. 1,51,12,000/- as a mere accommodation entry taken by the assesse for routing its own income by trading in bogus penny stock

SHRI DINESH CHHAGANLAL THAKKAR,AHMEDABAD vs. THE PR. CIT-1 , AHMEDABAD

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 51/Ahd/2020 िनधा"रण वष"/Asstt. Year: 2015-2016

capital gains shown in the return (Penny stock tab in ITS)’. As such the assessee has shown long-term capital

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

In the result, appeal filed by the assessee is allowed

Penny stock companies all confess to such a scheme with detailed modus operandi which tallies with actual transactions. The assessee is one such beneficiary who has taken entry of LTCG. vi) Exactly similar entries have been taken by other family members of the assessee in the form of Exempted Long Term Capital Gain

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

In the result, the appeal of the assessee is allowed

penny stock company, from whom the assessee earned bogus long term capital gains. . , (3) On the facts and circumstances the ld. CIT(A) ought

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/-.

penny stocks. However, in the instant set of facts, the assessee has not claimed either long term capital gains or short

VIVEK SURESH AGRAWAL-HUF,AHMEDBAD vs. THE ITO, WARD-3(3)(15), AHMEDABAD

In the result, appeal of the assessee is dismissed

penny stocks. Nor is it discharged by the assessee being a regular investor who has also earned profits from blue-chip stocks when the claim for long-term capital gains

ACIT CC 2(3) AHMEDABAD, AHMEDABAD vs. AISHA DHIRAJ GOGIA, AHMEDABAD

In the result: 50. To summarize the final outcome:

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha["ी संजय गग", "ाियक सद" एवं "ी नरे" साद िस!ा, लेखा सद" के सम#।]

penny stock and that the alleged long term capital gains claimed by the assessee on such penny stock was bogus