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#।]

Disallowance of exemption claimed on Long Term Capital Gains under section 10(38) of the Act, treating the underlying shares as "penny stocks

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

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

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:

penny stock companies which were utilized to arrange accommodation entries to the interested beneficiaries. The price of shares of LDPL and MARL were put on artificial rise and fall in a pre-arranged manner. The AO reproduced a chart of price fluctuation of shares of LDPL & MARL for the period from 01.04.2013 to 2nd September, 2014 in the assessment order

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:

disallowed the LTCG claim and made an addition of Rs.1,07,92,400/- under Section 68 on the grounds that LHSL was identified as a penny stock

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

In the result, appeal filed by the assessee is allowed

penny Amount of total SEBI Action Code Name stock trade value 50551 3 SHRSHA Shree Shaleen 502. 16CRORE In view of the above, the AO treated the long term capital gain declared by the assessee as unexplained cash credit under section 68 of the Act. 6. Aggrieved, the assessee preferred an appeal before Ld. CIT(A). Before

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

penny stock by disregarding the direct evidence on record relating to sale/purchase transaction supported by brokers contract note. (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 through account payee cheques and the ITA nos.2131-2133/AHD/2018 Asstt. Year 2014-15 7 transaction

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 on the observations made in the assessment order to argue that ld. CIT(A) has erred in deleting the disallowance

AARAV FINANCIAL SERVICES PVT. LTD.,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)

disallowed and added the entire purchase/sale value of shares of Radhe Developers India Ltd. or other companies on identical facts and though all such companies were treated/alleged to be penny stock

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)

disallowed and added the entire purchase/sale value of shares of Radhe Developers India Ltd. or other companies on identical facts and though all such companies were treated/alleged to be penny stock

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)

disallowed and added the entire purchase/sale value of shares of Radhe Developers India Ltd. or other companies on identical facts and though all such companies were treated/alleged to be penny stock

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)

disallowed and added the entire purchase/sale value of shares of Radhe Developers India Ltd. or other companies on identical facts and though all such companies were treated/alleged to be penny stock

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

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

disallowance of losses booked in penny stocks was liable to be deleted by observing as follows: ITA No. 623/Ahd/2023 [Kishori

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

In the result, appeal of the assessee is dismissed

penny stock company was a sham transaction and accordingly he disallowed the assessee’s LTCG exemption claim of " 48, 62, 206/- as bogus

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

disallowance of losses booked in penny stocks\nwas liable to be deleted by observing as follows:\n.... 7. Being aggrieved

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 stock company and has also taken a specific note of the systematic operation is being conducted by SCS, to provide bogus accommodation losses to various clients. In the “Reason to Believe” dated 11.05.2015, the assessing officer observed that on April 9, 2013, a search and survey action was conducted at the residence and offices of Shri Shirish Chandrakant Shah

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 stock company and has also taken a specific note of the systematic operation is being conducted by SCS, to provide bogus accommodation losses to various clients. In the “Reason to Believe” dated 11.05.2015, the assessing officer observed that on April 9, 2013, a search and survey action was conducted at the residence and offices of Shri Shirish Chandrakant Shah

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 stock company and has also taken a specific note of the systematic operation is being conducted by SCS, to provide bogus accommodation losses to various clients. In the “Reason to Believe” dated 11.05.2015, the assessing officer observed that on April 9, 2013, a search and survey action was conducted at the residence and offices of Shri Shirish Chandrakant Shah