JARNAIL SINGH,BILASPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1,, CHANDIGARH

In the result, both the appeals of the assessee are disposed off in light of aforesaid directions

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

disallowed and assessed income was determined at Rs. 3,48,000/- after making an addition of Rs.1,92,000/- on account of investment made in penny scrips. 20. It was submitted that subsequently, notice under section 263 dated 20th of February 2021 was issued by the Principal Commissioner of Income Tax, Chandigarh. It was noted by the ld PCIT that

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

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

penny stocks ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 16 and earning huge Long Term Capital Gain which were not genuine on the face itself. 6.6 The appellant has claimed that it has sold shares of Maa Jagdambe through recognized stock exchange, duly supported with contract notes and shares proceeds were received through banking channel after payment

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

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

penny stocks ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 16 and earning huge Long Term Capital Gain which were not genuine on the face itself. 6.6 The appellant has claimed that it has sold shares of Maa Jagdambe through recognized stock exchange, duly supported with contract notes and shares proceeds were received through banking channel after payment

SANJAY SINGAL (HUF),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)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior

AARTI 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)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior

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)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior

ANIKET 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)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior

AARTI 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)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior

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

Penny Stocks: The share transaction is genuine because it is supported by contract notes, bills, were carried out through recognized stockbroker of the Stock Exchange and all payments made to, and received from, the stockbroker, were through account payee instruments. A transaction fully supported by documentary evidences cannot be brushed aside on suspicion and surmises. In view of the above

SHRI ABHISHEK SOIN,LUDHIANA vs. DCIT, CC-II, LUDHIANA

The appeals are partly allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 321 & 322/Chd/2019 "नधा"रण वष" / Assessment Year: 2010-11, 2011-12 Shri Abhishek Soin, The Dcit, C/O Sigma Cartons Pvt. Ltd., Vs Central Circle-Ii, Unit-Ii, Industrial Area-C, Ludhiana. Sua Road, Ludhiana. "थायी लेखा सं./Pan No: Anbps9446A अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Aditya Kumar, Ca Revenue By : Shri Manav Bansal, Cit Dr Date Of Hearing : 03.06.2025 Date Of Pronouncement : 29.07.2025 Hybrid Hearing O R D E R

Penny Stocks: The share transaction is genuine because it is supported by contract notes, bills, were carried out through recognized stockbroker of the Stock Exchange and all payments made to, and received from, the stockbroker, were through account payee instruments. A transaction fully supported by documentary evidences cannot be brushed aside on suspicion and surmises. In view of the above

SHRI ABHISHEK SOIN,LUDHIANA vs. DCIT, CC-II, LUDHIANA

The appeals are partly allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 321 & 322/Chd/2019 "नधा"रण वष" / Assessment Year: 2010-11, 2011-12 Shri Abhishek Soin, The Dcit, C/O Sigma Cartons Pvt. Ltd., Vs Central Circle-Ii, Unit-Ii, Industrial Area-C, Ludhiana. Sua Road, Ludhiana. "थायी लेखा सं./Pan No: Anbps9446A अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Aditya Kumar, Ca Revenue By : Shri Manav Bansal, Cit Dr Date Of Hearing : 03.06.2025 Date Of Pronouncement : 29.07.2025 Hybrid Hearing O R D E R

Penny Stocks: The share transaction is genuine because it is supported by contract notes, bills, were carried out through recognized stockbroker of the Stock Exchange and all payments made to, and received from, the stockbroker, were through account payee instruments. A transaction fully supported by documentary evidences cannot be brushed aside on suspicion and surmises. In view of the above

SH. VIBHAV JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. SANJAY GARG (Judicial Member), SHRI. VIKRAM SINGH YADAV (Accountant Member)

penny Stocks and LTCG earned thereon were bogus in nature. 3.9 Regarding assessee’s contention that no incriminating material was found during the course of search, the AO stated that the said contention is not tenable as the perusal of the contents mentioned at page no. 1 to 182 of Annexure - A seized from Locker no. 194, HDFC Bank shows

SH. ASHISH JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

penny Stocks and LTCG earned thereon were bogus in nature. 4.9 Regarding assessee’s contention that no incriminating material was found during the course of search, the AO stated that the said contention is not tenable as the perusal of the contents mentioned at page no. 1 to 182 of Annexure - A seized from Locker no. 194, HDFC Bank shows

SH. AKHIL JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

penny Stocks and LTCG earned thereon were bogus in nature. 4.9 Regarding assessee’s contention that no incriminating material was found during the course of search, the AO stated that the said contention is not tenable as the perusal of the contents mentioned at page no. 1 to 182 of Annexure - A seized from Locker no. 194, HDFC Bank shows

SH. BIPAN JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

penny Stocks and LTCG earned thereon were bogus in nature. 4.9 Regarding assessee’s contention that no incriminating material was found during the course of search, the AO stated that the said contention is not tenable as the perusal of the contents mentioned at page no. 1 to 182 of Annexure - A seized from Locker no. 194, HDFC Bank shows

SH. ASHISH JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

penny Stocks and LTCG earned thereon were bogus in nature. 4.9 Regarding assessee’s contention that no incriminating material was found during the course of search, the AO stated that the said contention is not tenable as the perusal of the contents mentioned at page no. 1 to 182 of Annexure - A seized from Locker no. 194, HDFC Bank shows

SMT. RITU SOIN,LUDHIANA vs. ACIT, CC-II, LUDHIANA

In the result, both the appeals are allowed

Penny Stocks: The share transaction is genuine because\nit is supported by contract notes, bills, were carried out through recognized\nstockbroker of the Stock Exchange and all payments made to, and received from,\nthe stockbroker, were through account payee instruments. A transaction fully\nsupported by documentary evidences cannot be brushed aside on suspicion and\nsurmises.\nIn view of the above

ANISH GARG,PATIALA vs. ITO WARD-4, PATIALA

In the result, the appeal of the assessee is allowed

penny stock to\nconvert his undisclosed income into exempt income. How the AO has reached\nsuch a conclusive finding and basis thereof is again not borne out from the\nreasons so recorded by him. (Para 15)\n5.6 Further, reliance was drawn to the decision of the Hon'ble Bombay High\nCourt in case of M/s Hemant Traders