PRINCIPAL COMMISSIONER OF INCOME TAX-5,KOL vs. SUNITA GOYAL

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX SILIGURI vs. NITIN KUMAR AGARWAL

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX vs. NAND KISHORE AGARWALA

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PR CIT 9 KOLKATA vs. GIRISH TIKMANI

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA vs. GOPAL PRASAD TIKMANI

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX 13 KOLKATA vs. SMT GANAPATI DEVI AGARWAL

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA vs. M/S. GOPAL PRASAD TIKMANI HUF

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX -5,KOL vs. RAMAKANT BERIWALA

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX -5,KOLKATA vs. SWATI BAJAJ

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA vs. AAYUSH JHUNJHUNWALA HUF

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

penny stocks and it gave rise to huge capital gains in a short period does not mean that the transaction

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. M/S ZULU MERCHANDISE PVT LTD

The appeal is allowed the order passed by

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS)

penny stocks companies about the directors of the companies and also the stock brokers, entry operators and others who have been named in the report. It is an admitted case that the names of the assessees do not figure in the report. Therefore, non-furnishing of the report has in no manner prejudiced the rights of the assessees to discharge

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. SHRI SAWANKUMAR T JAJOO

Accordingly, the appeal fails and dismissed

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Capital Gain of Rs.4,33,71,468/- claimed as exempted u/s. 10(38) of the IT Act, 1961 by the assessee from sale of scrips of Wagend Infra Venture Pvt. Limited was correctly disallowed and added u/s.68 by the Assessing Officer on the ground that the said scrips has all characteristics of a penny stock

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. M/S B L TAK AND SONS HUF

The appeal is allowed and the order passed by the learned Tribunal is set aside and the

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- Hon'Ble Justice Chaitali Chatterjee (Das) Date : 9Th June, 2025.

Capital Gain from sale of penny stocks and also covered by exceptions laid in respect of para 3.1(h) of CBDT

PRINCIPAL COMMISSIONER OF INCOME TAX 5,KOLKATA vs. AMIT KUMAR JAIN

Bench: :

capital gain generated in penny stock? iii) Whether the Learned Tribunal has committed substantial error in law by directing the Assessing

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. RAM AWATAR DHOOT

The appeal is partly allowed and the substantial questions of

Bench: : The Hon’Ble The Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Chaitali Chatterjee (Das) Dated : 7Th March, 2025. Appearance:

penny stock M/s. Sulabha Engineering Ltd. falsely claimed by the assessee as Long- Term Capital Gains exempt u/s. 10(38) of the IT Act, 1961 ? ii) Whether

PRINCIPAL COMMISSIONER OF INCOME TAX 9 KOLKATA vs. NIKUNJ DHANUKA

Accordingly, the appeal fails and the same is dismissed

Bench: :

capital gain generated in penny stock? ii) Whether the Assessee is entitled to tax exception under Section 10(38) of the said

PRINCIPAL COMMISSIONER OF INCOME TAX-9, KOLKATA vs. SHRI AJAY KUMAR SHAW

Bench: : The Hon’Ble Justice T.S. Sivagnanam

capital gain generated in Penny Stock? C. Whether the Learned Tribunal has committed substantial error in law in taking only