M/S. RANBAXY LABORATORIES LIMITED,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the assessee in IT(TP) A No

Bench: Justice P.P. Bhatt & Shri Waseem Ahmed1. आयकर अपील सं./It(Tp)A No. 1782/Del/2014 2. आयकर अपील सं./It(Tp)A No. 781/Del/2015 ("नधा"रण वष"/Assessment Years : 2009-10 & 2010-11) Ranbaxy Laboratories Ltd. The Dcit बनाम/ 12Th Floor, Devika Tower Circle-21(1), New Vs. 6, Nehru Place, New Delhi Delhi/ 110 019 Addl.Cit Range-15 New Delhi "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr0127N .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Shri S.N.Soparkar, Shri Vartik Chokshi, Ms.Urvashi Shodhan & Shri P.Shah, Ars ""यथ" क" ओर से/Respondent By: Shri Mahesh Shah, Cit-Dr

price and the issue price is a benefit to employees. Therefore, deferred employee compensation is a component of employee remuneration and actual loss to the company. Therefore, this is only a mode of discharging the liability of employees, and it is an ascertained liability. Accordingly, the assessee contended that the amount debited/amortized in ITR of earlier years had been correctly

BHAGWATIBEN VINODKUMAR SURANI,,AHMEDABAD vs. THE ITO, WARD-5(2)(1)., AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

transferring unaccounted money and obtaining long term capital gain or loss as the case may be. Even in some of the cases, the shares of the penny stock companies are acquired by the beneficiaries of LTCG at very low prices

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

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/-.

transfer or sale of shares on the platform of the recognized stock exchange through a registered broker; viii. Documents evidencing transaction of sale of shares being subjected to levy of Securities Transaction Tax by way of contract notes; ix. Copy of bank accounts showing receipt of sale consideration of share through banking channels. 9. Having demonstrated the fact of having

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

In the result, appeal filed by the assessee is allowed

penny stocks can be regarded as bogus. In deciding whether the claim is genuine or not, the authorities have to be guided by the legal evidence and not on general observations based on statements, probabilities, human behavior, modus operandi etc. The AO has to show with evidence the chain of events and live link of the assessee's involvement

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 stocks can be regarded as bogus. In deciding whether the claim is genuine or not, the authorities have to be guided by the legal evidence and not on general observations based on statements, probabilities, human behavior, modus operandi etc. The AO has to show with evidence the chain of events and live link of the assessee's involvement

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:-

transfer in and out of shares, the AO was not justified in bringing to tax capital gain arising from sale of shares as unexplained cash credit and the Ld. CIT(A) has rightly deleted the addition made by the AO u/s. 68 of the Act of Rs. 1,96,04,023/-. 3. The Respondent craves right to add, amend, alter

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

transferred 1000 shares in financial year 2011-12 itself, and the remaining shares were held in demat account . The remaining 18400 shares of KDJHRL were sold in the financial year 2013-14 i.e. impugned assessment year The assessee submitted before the AO during reassessment proceedings bank statements, cross ledger of M/s Prabhudas Liladhar Private Limited and ledger accounts

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

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

penny stocks of Rs. 73,12,905/- on sale of Alang Industrial Gases Ltd. Shares. The assessee has proved the genuineness of the transactions beyond doubt by furnishing contract notes, ledger accounts, bank transactions from books of brokers whereas the AO without any material evidence disallowed the losses of in scripts of Alang Industrial Gases Itd. And the valuation

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

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

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 stocks of Rs.\n73,12,905/- on sale of Alang Industrial Gases Ltd. Shares. The\nassessee has proved the genuineness of the transactions beyond\ndoubt by furnishing contract notes, ledger accounts, bank\ntransactions from books of brokers whereas the AO without any\nmaterial evidence disallowed the losses of in scripts of Alang\nIndustrial Gases Itd. And the valuation

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"

penny stock company, exposing or validating the modus operandi as stated to be adopted in the case of such stocks.” A.Y. 2014-15 11 6. Being aggrieved by the order of the learned CIT (A) the assessee is in appeal before us. 6.1 The learned AR before us filed a paper book running from pages 1 to 114 and summary

ALPA UDAYKUMAR SHAH,,BHAVNAGAR vs. ITO, WARD-1(2),, BHAVNAGAR

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed, Accountant Memebr & Shri Siddhartha Nautiyal, Judicial Memebr

transferred in the year under consideration through BSE platform during the month of October 2013 to February 2014 at different price which was supported by demat account, the contract note, STT and payment received in bank through ECS. Therefore, as per the provision of section 10(38) of the Act, the assessee is eligible for exemption of long term capital

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. 5. The facts in brief are that the assessee is an individual deriving income from house property and long term capital gain. The AO found that the assessee purchased 37,500 equity shares of M/s Conart Traders Ltd from Santoshima Tradelink Ltd. for Rs. 7.50 lakh. The payment was made through the demand draft dated

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. 5. The facts in brief are that the assessee is an individual deriving income from house property and long term capital gain. The AO found that the assessee purchased 37,500 equity shares of M/s Conart Traders Ltd from Santoshima Tradelink Ltd. for Rs. 7.50 lakh. The payment was made through the demand draft dated

THE ITO, WARD-5(3)(1), AHMEDABAD vs. SHRI CHAMPALAL GOPIRAM AGARWAL, AHMEDABAD

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

Bench: Shri Waseem Ahmed

transferred to denial account of assessee, assessee's claim of exemptions of long-term capital gain on sale of shares could not be denied on basis of submission of said broker - Held, yes /Paras 17 and I8j [In favour of assesses] There are a number of cases on this issue wherein a claim of the appellant has been allowed provided

SMT. PARAMADEVI TEKRIWAL, ,BHAVNAGAR vs. THE ITO, WARD-1(5),, BHAVNAGAR

In the result, the appeal of the assessee is dismissed

Bench: Shri P.M. Jagtap, Vice- & Ms. Madhumita Royassessment Year : 2013-14 Smt. Paramadevi Tekriwal, The Income-Tax Officer, D-143, Kaliyabid, Bhavnagar Vs Ward 1(5), Pan : Addpt 3030 F Bhavnagar अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : None Revenue By : Shri Rakesh Jha, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 17/10/2022 घोषणा क" तार"ख /Date Of Pronouncement: 17/10/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-: This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income-Tax (Appeals)-6, Ahmedabad (“Cit(A)” In Short) Dated 09.07.2018. 2. The Relevant Facts Of The Case Giving Rise To This Appeal Are That The Assessee Is An Individual Who Filed Her Return Of Income For The Year Under Consideration Originally On 16.03.2014. Although The Said Return Was Originally Accepted Under Section 143(1) Of The Income-Tax Act, 1961 (“The Act” In Short), The Assessment Was Subsequently Reopened By The Assessing Officer On The Basis Of Information Received From Investigation Wing Of The Income-Tax Department That The Long Term Capital Gains Of Rs.1,13,53,982/- Arising From The Sale Of Equity Shares Of Kgn Enterprise Ltd. For A Consideration Of Rs.1,13,87,902/- Claimed As Exempt In The Return Of Income Was Bogus & It Was Actually An Accommodation Entry. The Assessing Officer Accordingly Issued A Notice Under Section 148 Of The Act To Smt. Paramadevi Tekriwal Vs. Ito Ay : 2013-14 2

transferred in de-mat on 19-04-2011. A copy of demat account showing shares of KGN Enterprise Limited in demat account is enclosed herewith. Smt. Paramadevi Tekriwal Vs. ITO AY : 2013-14 3 (5) During the year under consideration I sold shares of KGN Enterprise Limited through Kunverji Finstock Private Limited. Copies of contract note cum tax invoice