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 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

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

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

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

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

penny stock companies used for providing\naccommodation entries of bogus Long-Term Capital Gains and Short-Term\nCapital Gains. The Assessing

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

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

penny stock and was featuring in the list of DIT (Inv.), Kolkata as a company providing bogus long term capital gains

LALITA RAMNIRANJAN AGARWAL,VADODARA vs. THE INCOME TAX OFFICER, WARD-1(2)(4), VADODARA

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

Bench: Shri TR Senthil Kumar, Judicial Member\nAnd Shri Narendra Prasad Sinha, Accountant Member\nITA No. 662/Ahd/2023\nAssessment Year 2015-16\nLalita Ramniranjan Agarwal,\nB-201, Sandal Wood\nResidency, Urmi Char Rasta\nProductivity Road,\nVadodara-390020\nPAN: AECPA0173J\n(Appellant)\nThe ITO,\nWard-1(2)(4),\nVadodara\nVs\n(Respondent)\nAssessee by: Shri P.M. Jagasheth, A.R.\nRevenue by: Shri Nitin Vishnu Kulkarni, Sr. D.R.\nDate of hearing\n: 24-02-2025\nDate of pronouncement : 28-02-2025\nORD

penny stock companies controlled by them at very nominal\nprice and thereafter sale of the same at very high price by rigging\nthe price of these shares. The holding period of shares is shown\nexceeding 18 months so that the entire capital gain

ITO, WD. 1(2)(2), RACE COURSE CIRCLE, VADODARA vs. NEETABEN SNEHALKUMAR PATEL, RACE COURSE CIRCLE, VADODARA

In the result, the appeal preferred by the Revenue is allowed

Bench: Ms. Suchitra Raghunath Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 247/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2014-15) िनधा"रण वष"

capital gain generated in penny stock? 3. Whether on the facts and circumstances and in law, the Ld. Commissioner of Income

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

capital gain from sale of shares of Kushal Tradelink Ltd., which, according to the information received from the Investigation Wing, was one of the penny stock

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:

penny stock transaction/mere accommodation entry taken by the assessee to infuse its own unaccounted income, rejecting the claim of the assesse that it was a genuine transaction of sale of shares resulting in long term capital gains

SURESH B. AGRAWAL HUF,AHMEDABAD vs. INCOME TAX OFFICER, WARD-5(2)(4), AHMEDABAD

In the result, the appeal filed by the Assessee is hereby dismissed

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Capital loss entries through price manipulation of the shares of the 'penny stock companies' has been discussed by the AO in the assessment order. Kailash Auto Finance Ltd. has been listed amongst the 84 'penny stock companies identified by the Investigation Wing Kolkatta, after a prolonged investigation. Trading in the shares of Kailash Auto Finance Ltd. was suspended

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 shown in return (Penny Stock in ITS). Thereafter, the AO during the assessment proceedings has raised various inquiries

INCOMETAX OFFICER WARD-3(3)(1),AHMEDABAD, AHMEDABAD vs. DEEPA RAJENDRAKUMAR AGRAWAL, AHMEDABAD

The appeal of the Revenue is dismissed

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinha

penny stock company. The Assessing Officer treated the Short Term Capital Loss of Rs.31,58,863/- as bogus and disallowed the same. The assessment was completed under Section 143(3) of the Act on 23.12.2016 on the total income of Rs.1,20,56,070/-. ITA Nos.2205 & 2206/Ahd/2024 (Assessment Years: 2013-14 & 2014-15) ITO vs. Deepa Rajendrakumar Agrawal Page

INCOMETAX OFFICER WARD 3(3)(1), AHMEDABAD vs. DEEPA RAJENDRAKUMAR AGRAWAL, AHMEDABAD

The appeal of the Revenue is dismissed

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinha

penny stock company. The Assessing Officer treated the Short Term Capital Loss of Rs.31,58,863/- as bogus and disallowed the same. The assessment was completed under Section 143(3) of the Act on 23.12.2016 on the total income of Rs.1,20,56,070/-. ITA Nos.2205 & 2206/Ahd/2024 (Assessment Years: 2013-14 & 2014-15) ITO vs. Deepa Rajendrakumar Agrawal Page

SMT. MANISHADEVI VINODKUMAR AGARWAL,AHMEDABAD vs. THE PR. CIT-1, AHMEDABAD

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

capital gains shown in the return (Penny stock tab in ITS)”, and the investigations were conducted by Directorate of Investigation

RACHNA SANJAY SHAH,AHMEDABAD vs. PCIT, AHMEDABAD -1, AHMEDABAD

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

Bench: Shri/St.R. Senthil Kumar & Narendra Prasad Sinhaasst.Year :2014-2015 Rachana Sanjay Shah The Pr.Cit-1 72, Tapovan Society Vs Ahmedabad. Nr. Manekbaug Hall Ambawadi Ahmedabad 380015. Pan : Amdps 6571 P

penny stock company, which has , which has used its beneficiaries to have long term capital gain by fabricated beneficiaries to have

SAGAR 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)

capital gains though Sanjay Shah and Tushar Shah. The Assessing Officer observed that the assessee has entered into transactions with Gujarat Meditate Ltd. which is a penny stock