SHRI KRISHAN KUMAR JALAN,BANGALORE vs. ITO, W-1, SIRSA

In the result appeal of the assessee is dismissed

purchase as genuine, the sales, given the\nhigh rates for such penny stocks, with no real buyers, are bogus. The\nevidenciary

TARUN JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

RAJNI JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SANJAY JAIN & SONS,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

penny stocks for helping in providing LTCG accommodation entries, and that Shri Praveen Agarwal who was a known entry operator from Kolkata also helped in providing bogus LTCG accommodation entry by using his paper entities. The A.O. observed that during the search action on Shri R.K. Kedia various evidences related to manipulation of share price of BCSL and providing bogus

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

penny stocks for helping in providing LTCG accommodation entries, and that Shri Praveen Agarwal who was a known entry operator from Kolkata also helped in providing bogus LTCG accommodation entry by using his paper entities. The A.O. observed that during the search action on Shri R.K. Kedia various evidences related to manipulation of share price of BCSL and providing bogus

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

penny stocks for helping in providing LTCG accommodation entries, and that Shri Praveen Agarwal who was a known entry operator from Kolkata also helped in providing bogus LTCG accommodation entry by using his paper entities. The A.O. observed that during the search action on Shri R.K. Kedia various evidences related to manipulation of share price of BCSL and providing bogus

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

penny stocks for helping in providing LTCG accommodation entries, and that Shri Praveen Agarwal who was a known entry operator from Kolkata also helped in providing bogus LTCG accommodation entry by using his paper entities. The A.O. observed that during the search action on Shri R.K. Kedia various evidences related to manipulation of share price of BCSL and providing bogus

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

penny stocks for helping in providing LTCG accommodation entries, and that Shri Praveen Agarwal who was a known entry operator from Kolkata also helped in providing bogus LTCG accommodation entry by using his paper entities. The A.O. observed that during the search action on Shri R.K. Kedia various evidences related to manipulation of share price of BCSL and providing bogus

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

penny stocks for helping in providing LTCG accommodation entries, and that Shri Praveen Agarwal who was a known entry operator from Kolkata also helped in providing bogus LTCG accommodation entry by using his paper entities. The A.O. observed that during the search action on Shri R.K. Kedia various evidences related to manipulation of share price of BCSL and providing bogus

SANJAY SINGAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

purchased 3,75,000 each, thus holding 10% shareholding of Maa Jagdambe as on March, 2013. It is not an isolated case that the appellant and his family members traded in the penny stock of Maa Jagdambe and earned huge Long Term Capital Gain (exempt income). There are large numbers of such penny stocks from where the appellant

M/S SANJAY SINGAL HUF,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

purchased 3,75,000 each, thus holding 10% shareholding of Maa Jagdambe as on March, 2013. It is not an isolated case that the appellant and his family members traded in the penny stock of Maa Jagdambe and earned huge Long Term Capital Gain (exempt income). There are large numbers of such penny stocks from where the appellant

SHRI SATISH SOIN,LUDHIANA vs. ACIT, CC-II, LUDHIANA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 303/Chd/2019 "नधा"रण वष" / Assessment Year : 2012-13 Shri Satish Soin, बनाम The Acit, House No.31, Garden Enclave, Central Circle-2, Vs South City-Ii, Ludhiana. Ludhiana. "थायी लेखा सं./Pan /Tan No: Advps6254N अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee By : Shri Ashwani Kumar & Ms. Muskan Garg, Cas राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr तार"ख/Date Of Hearing : 26.05.2025 उदघोषणा क" तार"ख/Date Of Pronouncement : 23.07.2025 Hybrid Hearing आदेश/Order Per Rajpal Yadav, Vp

bogus Long Term Capital Gain earned on alleged purchase and sale of a penny stock. 8. We have duly considered

SANJAY SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

bogus and the "LTCG" being an accommodation entry; (xii) The transactions were entered into as a stock market investor on the basis of information available and anticipation as to future price movements and performance of the Company; (xiii) In the online system prevalent on the Stock Exchanges a buyer/seller of shares could not be aware of the counter-party whereby